Clients are justifiably leery of loan mod firms. Phony loan mod professionals use half truths and blatant lies to sell services that promise relief and then fail to deliver. Their goal is to make a quick profit through fees they collect from you and then minimize the effort they need to expend on your behalf. That results in a half-baked application, no follow-up and no negotiations for you.
Furthermore, they rarely ask for ran itemization of costs…resulting in fees being added to your balance that you should not have to pay.
Red Flags
If you’re looking for loan mod help, avoid any business that:
• guarantees to stop the foreclosure process – no matter what your circumstances
• instructs you not to contact your lender, lawyer, or credit or housing counselor
• collects a fee for services before providing you with any
• accepts payment only by cashier’s check or wire transfer
• encourages you to lease your home so you can buy it back over time
• tells you to transfer your property deed or title to ANYBODY else
• offers to buy your house for cash at a fixed price that is not set by the housing market at the time of sale
• offers to fill out paperwork for you…instead of with you
• pressures you to sign paperwork you haven’t had a chance to read thoroughly or that you don’t understand
For all of the above reasons, I think you should do your own Loan Modification.
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