Debt Scam
Modification Loan Fraud Scam

The debt scam on the many desperate homeowners is producing a new breed of predatorial debt service providers. Some of which are the predatory loan providers themselves, brokers, ex -real estate and even some Lawyers.

Don't put your mortgage in their hands before reading our scam report. The truth is, you can get a mortgage modification on your own if your educated, patient, produce correct documentation, meet requirements and are a good negotiator. If your lacking in one of those areas and considering getting assistance just know the signs of predatory debt scam.

Scam Report - Red Flag Signs
1.) Make sure they have a Physical Business Address & Phone
2.) Never Pay an Up Front Fee
3.) They give you a great Guarantee - everyone must qualify and meet certain requirements
4.) There is not One Way to go about this, every lender is different
5.) They offer you a refundable payment on your advanced fee, if they can't get you a modification.
6.) Promising you a very large savings
7.) Should be a Member of BBB
8.) Are they Certified at the Department of Housing and Urban Development
8.) Never make House Payments to them
9.) Never sign Transfer of Title
10.) They claim they know Short Cuts - there is none
11.) If they tell you to stop payment
12.) If they tell you not to talk to the lender
13.) If they try to frightening you into signing up
14.) If you have Notice of Default
Many states make it illegal for them to take an advanced fee. But they still may ask for the fee up front since enforcement on this is not good and under 500.00 is only a misdemeanor. Know that they will likely take that deposit and never do any negotiating.
15.) They offer to pay off your mortgage debt & you can rent till your ready to buy back.
16.) Don't sign anything that gives them the Title without an Attorney checking it over, stop the scam artist.

Some provide this service for free or even take a small payment only if they can get you the loan modification. Not everyone qualifies, bottom line is, you must have a proposal of payments that you will be able to pay. Multiple Loans take more effort because you are dealing with more than one lender.

Contact your lender to see if they have a loan modification mitigator or program in place and know all lenders are swamped & some are more difficult to work with. Hope for Homeowners failed in their efforts to modify mortgages to today's value but the FDIC is looking into new steps that could help this program.