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Purpose of Loan Modification

Loan Modification is to provide you with a real and sustainable long-term adjustment of your current home loan that works for your financial situation and helps keep you in your home.

Taking Advantage

There are a large number of dishonest operators and companies that have emerged in the wake of the housing market crash, with more are popping up daily. These companies, preying on your already weak financial situation, make false promises about their ability to help get you a loan modification. They collect the money up front and then do nothing or next to nothing to follow through on their claims – taking advantage of those who are already vulnerable. It’s important you do everything you can to ensure you are protected.

Make Yourself Aware of the Scamming Techniques

  1. Do not pay any fees up-front. By law foreclosure consultants are not allowed to collect money prior to performing services.
  2. Do not ignore any letters you receive from your lender or loan servicer. Responding to those letters is your best chance you have to save your house.
  3. Do not transfer the title or sell your house to someone claiming to be a “foreclosure rescuer.” This is a scam that has been put in place as a means of convincing homeowners they can stay in their homes as renters and then buy their homes back at a later time. This might also be part of a fraudulent bankruptcy filing. By transferring the title or selling your home to the scammer they can evict you and take your home.
  4. Do not pay your mortgage payments to anyone other than your current lender or loan servicer. People claiming they are mortgage consultants often pocket the money and keep it for themselves.
  5. Read any and all documentation thoroughly and completely, making sure you fully understand all the information, before signing it. Homeowners may think that they are signing documents for a loan modification or for a new loan to pay off the mortgage they are behind on to only later discover that they actually had transferred ownership of their home to someone who is now attempting to evict them.
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