I get emails and questions in my forum/blog daily about loan modification companies and if they are all scams.  To say every foreclosure prevention company is a scam would be like saying every investment manager is like Bernie Madoff or every politician is corrupt.

Here is the discussion and I hope it helps others out there.

Question:

Loan Workout Consultants, LLC. in Tarzana, CA, LLC. in Tarzana, CA. The guy claims they will do all the paperwork and contacting Bank of America with a 100% guarantee of a loan mod we can afford or our money back.

He wants $500 good faith money to get started and then another $1,500 upon satisfactory completion of the process. He says they do all the forensic  stuff with the loan docs and he believes they can get our 2nd mtg written off.

I soooooooo want to believe this is not a scam and do it. I love my house and I don't want to lose it but I am so overwhelmed by all the steps and paperwork that I'm afraid I'm going to drop the ball...especially since I'm a school teacher and summer break is not going to last much longer. It's almost impossible to be making phone calls and faxing stuff while you're "trapped" in a classroom all day!

My answer:

I never heard of them, but they are starting off by operating illegally. They are not lawyers, they take money up front, offer 100% guarantees and operate out of state.

Oh wait, there is more, he is operating out of an apartment or condo. Check this out!!!!

18745 Hatteras St. Tarzana, CA 91356 - Google Maps

View Larger Map

I would run the other direction and tell these creeps/vultures operating from their kitchen tables to buzz off.

Please use an experienced South Carolina attorney.

Original article on LoanWorkout.org