As I have spoken with countless desperate homeowners and real estate agents trying to help their clients keep their homes, there are three very common scams that I have heard of people encountering. I have listed them below with a link to our loan modificaion blog detailing each.
No Job Needed. Bottom line is that a loan modification is working out a new payment plan with your mortgage lender. If you don't have a job or a source of income you have nothing to negotiate.
The Promise. No one can promise you a loan modificaion. There are just too many factors and each case is unique. A company can however offer a money back guarantee, if they have a strong enough success rate as ours does.
Over the Phone Payment Quotes. Similar to not being able to make promised, loan modification consultants cannot quote you what your new payment will be or even guarantee how much your payment will drop.
It is unfortunate that so many crooks are rearing their heads in this market, but I talk to lots of people who are looking for help and many are in desperate situations. Sadly, many of them have been taken advantage of.
If you are interested in speaking with a reputable loan modification consultant, call 800-757-9704.