Avoiding Loan Modification Scams
Besides giving you advice on buying and selling homes, we make it a priority to keep you aware of the pitfalls that exist in the real estate world. One scam that’s been growing in popularity involves loan modification. A new breed of swindler has appeared offering to facilitate this process, but modifying loans and doing your taxes are alike in that you can do both by yourself.
Negotiating
Scammers often claim they can help you bargain for a loan modification, but the truth is there isn’t much a third party can do to get you a better deal. This isn’t the same as bringing a mechanic when you scope out a used car, or asking a friend who knows the language haggle for you at a flea market. The servicer determines whether or not you qualify for a loan based on a pre-established set of criteria; this isn’t a decision that can be influenced by a third party.
All that paperwork…
It’s true that a long, detailed questionnaire can look daunting, but that doesn’t mean you have to pay someone to fill it out for you. If you’re unsure of how to proceed, there are a number of free counselors and websites that can guide you through the process. Calling an organization called Hope Now at 888-995-HOPE can line you up with free counseling. If your issue is finding the information required by the lender, give www.mtgprofessor.com a look; the site does a good job of explaining the requirements and information you’ll need to have ready and where to locate it.
Modifying a loan isn’t as hard as it looks. If you’re the type whose eyes glaze over when you see a stack of official-looking forms, get yourself a free counselor to go over the fine points with you, or check out a website that talks you through each step. What you need to remember is that you have options, and paying someone a hefty fee to help you with a process you can do on your own should not be one of them.
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