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Loan modification and foreclosure rescue scams show no signs of going away. This means consumers must put aside emotions and do their research with eyes wide open.
How do such scams work? Typically you’re asked to pay a fee in advance, often in the thousands. In return you’re told they’ll renegotiate your loan on your behalf. But most never do. They take your money and disappear, leaving you in even worse financial straits.
If you’re wanting to renegotiate your home loan, heed these tips from the BBB and makinghomeaffordable.gov:
• Assistance from a HUD-approved housing counselor is FREE.
• Beware of anyone who asks you to pay a fee in exchange for a counseling service or modification of a delinquent loan.
• Beware of people who pressure you to sign papers immediately, or who try to convince you that they can “save” your home if you sign or transfer over the deed to your house.
• Do not sign over the deed to your property to any organization or individual unless you are working directly with your mortgage company to forgive your debt.
• Never make a mortgage payment to anyone other than your mortgage company without their approval.
What has been your experience with loan modification offers? Foreclosure counselors?
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