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subject: The Top 3 signs you may be a victim of a loan mod scam? [print this page]

The Top 3 signs you may be a victim of a loan mod scam?

The Top 3 signs you may be a victim of a loan modification fraud or loan mod scam?

If you have hired a company to manage your loan modification and you are starting to doubt that they are providing the services they promised

then you may be a victim. After real estate prices started to drop and foreclosures started to rise a bunch of new companies have popped up

calling themselves loan mod companies, offering to help you get your loan permanently modified. With all the thousands of families out there

backed into a corner desperately looking for a solution to their problem, it made it easy for dishonest people to take advantage of the

situation. There are 3 tell tale signs that you may be a victim:

1) They are asking you for an up front fee.

In the state of Minnesota and many other states it is illegal to charge an up front fee, you may have been told it was required however

that is simply not true.

2) They guarantee that they will get you something.

If they are telling you they guarantee that they will get you a certain interest rate, a certain payment, or to lower the balance of your

mortgage this can be a sign of a scam. There are no guarantees in this business, in the end the judge will have the final say so no one can

guarantee you anything.

3) They tell you not to talk with you lender / mortgage company.

This is always a bad idea because you are at the mercy of the loan modification company to find out what is going on, and they may not always

tell the truth! You need to be in contact with your lender so you know where they are in the process, the last thing you would want is to have

the sheriff knocking on your door telling you that you have been foreclosed on and you need to vacate your home.

These are some of the sure fire signs that you may be a victim and should contact someone who can help you to learn your rights, and will

fight on your side to help you resolve the situation. There are free services that are available from non-profit organizations that can help

you uncover whether or not you are a victim, get you the help you need and possibly save your house from foreclosure.

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