Jumat, 12 Februari 2010

5 Tips to Avoid Loan Modification Scams

5 Tips to Avoid being a Victim of the Loan Modification Scams

Well, Loan Modification scams are in the every state of the United States. Many scammers are exploiting the various needs for the mortgage loan owners.

5 Tips to Avoid Being Scammed

  1. Don't pay up-front fees. Foreclosure consultants are prohibited by law from collecting money before services are performed.
  2. Don't ignore letters from your lender or loan servicer. Responding to those letters is your best bet for saving your house.
  3. Don't transfer title or sell your house to a "foreclosure rescuer." Beware! This is a scam to convince homeowners they can stay in the home as renters and buy their home back later. It might also be part of a fraudulent bankruptcy filing. Either way, a scammer can then evict the victim and take the home.
  4. Don't pay your mortgage payments to anyone other than your lender or loan servicer. Mortgage consultants often keep the money for themselves.
  5. Never sign any documents without reading them first. Many homeowners think that they are signing documents for a loan modification or for a new loan to pay off the mortgage they are behind on. Later, they discover that they actually transferred ownership of their home to someone who is now trying to evict them.

The Best way to go for the Loan Modification is – Do it Yourself. Yes, If you have right information about the process, you can do it yourself. Simply Download the 60-Minute Loan Modification Workbook by California Based Mike Rockwood and follow his step by step guide to get approved for the loan  modification process.

This workbook is packed with the wealth of information and you won’t believe that how it will become easy for you to get approved for your mortgage loan modification once you follow the step by step guide given in the book.

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