Don’t Get Scammed
The most widespread
scam these days is foreclosure rescue
or loan modification, targeted at those
homeowners who are having trouble paying
their mortgage. Typically, scammers guarantee
to renegotiate the terms of a mortgage
with the lender in exchange for up front
fees. Many times, these scammers are
just after your fees and will disappear
once you pay them.
Other times,
people who run legitimate loan brokerages
or real-estate offices make misleading
claims that they can help -- failing
to actually do so almost all of the time.
These people make the situation worse
by sending lenders incomplete, inconsistent
and outdated modification packages. The
fact is, loan brokers and real-estate
agents often don't have the expertise
or the authority to renegotiate loans
for you.
Joe Kohn, a Ft. Lauderdale attorney,
also warns against using lawyers without
any real-estate expertise. “Sometimes
you see personal injury lawyers offering
to do loan modifications. They consistently
over promise and under deliver.”
That’s what happened to David Porter
of San Diego, CA. Porter and his wife
were lulled into a false sense of security
when they visited the offices of their
“attorney backed” loan modification specialist.
“Our phone calls were never returned,
Porter says. “When we decided to get
in the car and drive to the address,
we wee stunned to see a call room with
over 100 people pitching other homeowners
with the same promises. I can only describe
it as a boiler room.”
Porter and his wife had
paid more than $10,000 in fees before
they discovered that the firm had failed
to even mail out their modification package
to their lender.
You are probably dealing with a foreclosure
scam artist if the company:
• Has no telephone number or physical
address
• Has an “.org” Web site or e-mail address
but isn’t non-profit.
• Demands a fee before services are provided.
• Instructs you to transfer ownership
of your property.
• Makes verbal promises that are not
put in writing.
• Asks you to sign a document that has
blank lines or spaces.
MyHomeMod.net offers homeowners
affordable solutions. At your direction,
let our award winning software prepare
clear and complete financial packages
in accordance with the guidelines of
your particular lender. It’s fast and
easy!
