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Loan Modification Scams Are Everywhere, Don’t Fall For Them

Loan modification is not an entirely new procedure in the mortgage world, it just became a lot more popular after recent events. A loan modification means you make a deal with your lender to permanently change the terms of your mortgage. Oftentimes, changing the terms means lowering interest rates. To keep the damage minimal for the lender, the total length of the mortgage is oftentimes increased. I’ve found an article about geld lenen.

Because of the increased need for mortgage loan modification, a lot of scams are turning up right now. The swindles usually involve a company giving you all sorts of guarantees in exchange for an upfront payment for their ‘services’ . These swindles can damage your chances of getting a loan modification and lose you a lot of money in the process.

Fast results and guarantees are exactly what most people are looking for when trying to do mortgage loan modification. Scammers will play to that desire by ensuring you all sorts of things. Because the loan modification is not in charge of the decision, they can’t guarantee anything about the outcome.

It takes a month or two for a lender to consider your loan modification request. The bad loan modification companies will say and try anything to force you into signing with them. They will concur with any condition you have, because they only care about their upfront payment.

Do your research and find a reputable company when trying to do loan modification. Don’t take the easy route and go with the first company you see. These days, con men are around everywhere and it takes some time to find the right someone to help you out with this.

About the author

Sherry Fields Sherry Fields has been working in real estate since 2002. Working with the development team for the Hilton Garden Inn gave her strategic information on the commercial real estate market in Missoula. Broadening her scope she moved into the residential market and earned the designation SFR in short sales and foreclosures. Currently affiliated with Prudential Montana Real Estate, she works with both buyers and sellers "building relationships so you can buy & sell with confidence". Sherry Fields has recently earned the CREN designation - Certified Real Estate Negotiator. While price is a large part of negotiation - it is also about timing everything from the closing date to inspections, appraisals, home insurance - and it is about negotiating items that can show up in home inspections to achieve a mutually acceptable outcome.

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One Response to “Loan Modification Scams Are Everywhere, Don’t Fall For Them”

  1. With so many people facing foreclosure, it is sad to see the vultures coming out of the wood work to pray on the desperate. It is good to see other professionals aware of this phenomenon. Great Post!

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