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Beware of Loan Modification Scams
While loan modifications can be a welcome relief to struggling homowners, the biggest let down would come in the form of a loan modification scam.  IF you need are considering doing business with a loan modification company, here are some pointers.
 
Always check out the loan modification company you are going to do business with. At a minimum do a Better Business Bureau search and a Google Search on the company. Do not make your mortgage payments to any company other than your mortgage company. Legitamate loan modification companies work with your current mortgage company to work out new terms, so you should be making your payment to the same compay in the end. Make sure the uses a law firm to negotiate with your lender. If they are not using an attorney, the success rate will be much lower, which means you could lose money. Ask if the company has a money back guarantee. Most likely, if you are behind on your mortgage it will be difficult to come up with the money for the loan modification, so you might be risking borrowed money. If you are unemployed, you will not be able to get a loan modification regardless ... more

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