The alarming rate of scams in mortgage loan modification offers is a worrying factor. Some will promise homeowners express guarantee to save their home from foreclosure, and of course, at a fee. They always promise what they cannot keep and at the end, the homeowners find themselves in more trouble than they were. What are the signs of a mortgage loan modification scammer and how can people avoid them? Below are some tips.
If it’s not a mortgage company, it’s probably a scam. Only mortgage companies have the legal backing to approve loan modification.
They usually charge fees advance. Any genuine loan modification expert will not collect fees in advance from you, because it’s illegal to do so.
Beware of companies or individuals that advise you to discontinue your loan payment or tell you to stop contacting your mortgage company.
If they want to speed things up more than what you think is possible, they’re probably trying to run away with your money.
How to avoid false loan modification offers?
The best way to stay away from scammers is to work with your mortgage company directly. Approach them, discover if you are eligible, and find out the documents you are required to submit. Instead of looking for an expert guarantee, you can handle everything on your own because the modification process does not require any expertise. As long as you provide the necessary documents, any other person involved will not improve your chance of getting approval from your mortgage company.
People often fall victim to scammers when they desperately need solutions to their problems. These scammers offer guarantees they cannot keep. The best way to avoid them is to find out all you can about the loan modification process and understand what your mortgage company will require from you. Loan modification service is a very simple process and anyone can actually apply successfully without the help of the so-called experts in the field.