Local news outlet Channel 3 posts a cautionary tale in a recent “3 On Your Side” segment. Local Valley family scammed out of $5,600 by so-called “Loan Modification Experts”, family still likely to lose their home to foreclosure.
Remember, loan modification “experts” should never ask you for an upfront fee of any kind. If they’re asking for cash upfront, they’re probably a scam.
The only people who can help you get a loan modification who can and do ask for upfront fees are attorneys. Even though they charge upfront fees all the time, I still recommend hiring an attorney when you attempt to modify a mortgage. You’re going to be stuck using the contract forms and loan forms your mortgage lender prefers and you’d better believe they’re going to use forms that favor their interests, not yours. Hire an attorney. I have several local real estate attorneys I know and trust; call or email me for a list.
Heather Barr is a Realtor and a happy workaholic. She eats more than someone her size ought to be able, and is a runner as a consequence. Her TiVo's full of spy thrillers, police procedurals and Whedonesque sci-fi.
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I had a client call me last week and say they hired a company to help them with a loan mod at Citi bank. I’m pretty sure she’s being scammed. I hope not, but I asked her to call me when they are successful. I’m not holding my breath.