In this article brought to you by DSNews.com, the Better Business Bureau announced that loan modification scams were among the largest last year.
Thius does not surprise me because, unfortuantely, economic crises such as the housing market crash always bring out the predators. I personally know of a number of homeowenrs that paid as much as $3,500 to a "service" that "guaranteed" that they would get them a loan modification or they would get their money back. Obviously, the quickly stopped returning calls and were no longer around when the homeowner requested a return of their funds.
HOMEOWNERS BEWARE!! DO NOT fall for these scams. If someone wwants money up front, hang up the phone! Loan modifications are tricky and time consuming but you, as the homeowner, have just a good a chance of negotiating a loan modification as any so called service can do. Unfortunately, most succesful loan modifications are not much help to the homeowner anyway. If you have a Freddie Mac or Fannie Mae backed loan, there is a new program about to be launched called HARP and I have talked about this in a previous post.
The old adage rings true: "if it looks like it's too good to be true, it probably is".
Read the full article here http://bit.ly/y61ZTt
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