Loan Modification Companies – Ten Ways to Avoid Being Scammed
Loan modification companies have sprung up since the financial crisis and although the best loan modification companies are helpful many are simply scam artists. This article was written in response to one of my readers who was scammed out of thousands of dollars. My hope is this article plus the attached free EBook will assist you in picking the best loan modification company if you choose to not do it yourself.
A loan modification is the most effective way to avoid foreclosure and save your home in many situations. People often talk about short sales as being another option to avoid foreclosure and this is true that it can, however, you ultimately will not be able to remain in your home. Ensuring you give yourself the best chance at receiving a loan modification is worth the extra effort of either doing it yourself or thoroughly researching the company you choose. Often people with bad credit home loans feel desperate and pressured into working with a unscrupulous company, but it doesn’t have to be this way.
What does a Loan Modification Company do?
Loan Modification companies act on your behalf to negotiate with your mortgage broker or mortgage loan officer to ensure you get the best loan modification possible…well this is what they are supposed to do however in the news there have been lots of stories of loan modification companies scamming people out of thousands of dollars.
The loan modification you are working towards can lower your interest rate, reduce your balance and ultimately get you out of foreclosure.
How Do Loan Modification Companies Scam People:
The most common way that mortgage loan modification companies scam people is ask for thousands of dollars as upfront payment for work and then never actually contact your mortgage loan officer. They entice people with promises that they can lower your mortgage rates, bad credit home loans are not a problem and they say they have “iron clad” guarantees. Single best way to avoid being scammed by a loan modification company…don’t pay upfront fees.
Ten Ways Pick the Right Loan Modification Company
1. Never Pay Up Front Fees
2. Ask a LOT of questions
3. Check for references from your potential companies
4. Check online for complaints against the company
5. Identify how long they have been in business
6. Make sure you are included on all communication with your loan modification company and mortgage holder
7. If it sounds too good to be true it probably is
8. Don’t rely on a guarantee
9. Check with the BBB to check for complaints against them
10. Ensure they are a licensed lawyer or real estate professional
I have created a free EBook “How to Pick a Loan Modification Company” which expands on all 10 ways to pick the right loan modification company. You can download it here:
Loan Modification Companies - How To Choose The Best One
FREE Ebook – How to Pick a Loan Modification Company – Download Here
The special report includes:
• Insider tips to avoid foreclosure scams
• How to investigate a potential loan modification company to ensure they are legitimate
• 10 questions you have to ask all loan modification companies that contact you
• Expanded information on the 10 ways to pick the right loan modification company
To contact some of the best loan modification companies available and see if you qualify for 1 on 1 counseling visit:
http://www.foreclosuresmedic.com/loanmodhelp.html
Make sure regardless of who recommends a loan modification company you follow the guidelines in this article and the free report to ensure you are getting the help you need to stop foreclosure.
