Are You Using a Legal Loan Modification Company?

by admin

Anybody that is facing foreclosure is at their most vulnerable. They may receive a notification from a loan modification organisation that claims it can dig you out of the hole and save your home. Any type of communication of this kind could possibly have the reverse effect and make that hole even larger, so it is always wise to treat any offer with caution. There are a lot of sophisticated scams out there that can make a foreclosure situation even worse.

What to look out for

It’s obvious that any communication will come across as very professional looking. The company name will always sound professional and could well be mistaken for that of a law firm or a corporation that is in some way affiliated to a government body. The main thrust of their argument is that they can for a fee; negotiate a new deal with the company that is foreclosing on you. A lot of people in panic will jump at what looks like a lifeline that has been thrown them.

These are not legal Loan Modification Companies, and their aim is not to be of assistance, but to collect a big fee.

How to avoid getting scammed

It is not ‘rocket science’ for an individual to negotiate a loan modification without the help of a third party. By submitting an application, the lender will send out information about qualification for modification programs. This does not require any skill and is free.