Avoid Getting Scammed When Considering Loan Modification.
When considering loan modification, watch out for the many scammers in the loan modification market. Because of the foreclosure boom, vultures are attracted to this industry, so not everyone that says they can help you out, will help you out.
So what is the best way to tell if your loan modification is legit? You have to know when someone scams you. In this article, we will look at a few pointers to be able to detect a scam.
When your loan modification person demands an upfront payment of a couple of thousand dollars, there's a good chance you're getting scammed. When someone tries to charge you this, don't walk away but run away! The loan modification fees usually get rolled up in the loan amount. In other words, the banks pays your loan modification. The purpose of doing a loan modification is imporving your financial position, not put you deeper in the hole.
When you start on the road to loan modification, approach your current lender first. Many times your current lender is very glad that you approach him on time, when debt is not piling up yet. The lender that you currently have also knows about your situation and history. This lender may well be best suited to help you out with a loan modification.
When calling your lender for a loan modification talk, be sure to go up the chain of command. Customer service person are usually very polite, but unfortunately they can't really help you out. That's why you have to insist on speaking to someone that can really help you in negotiating in these instances.
If you feel you're out of options, consider filing Chapter 13 bankruptcy. This last resort measure forces a lender to look at mortgage loan modification. It allows you to come up with a payment plan for the past payments As said, this is a last resort measure, so be sure to look at other options first.
So what is the best way to tell if your loan modification is legit? You have to know when someone scams you. In this article, we will look at a few pointers to be able to detect a scam.
When your loan modification person demands an upfront payment of a couple of thousand dollars, there's a good chance you're getting scammed. When someone tries to charge you this, don't walk away but run away! The loan modification fees usually get rolled up in the loan amount. In other words, the banks pays your loan modification. The purpose of doing a loan modification is imporving your financial position, not put you deeper in the hole.
When you start on the road to loan modification, approach your current lender first. Many times your current lender is very glad that you approach him on time, when debt is not piling up yet. The lender that you currently have also knows about your situation and history. This lender may well be best suited to help you out with a loan modification.
When calling your lender for a loan modification talk, be sure to go up the chain of command. Customer service person are usually very polite, but unfortunately they can't really help you out. That's why you have to insist on speaking to someone that can really help you in negotiating in these instances.
If you feel you're out of options, consider filing Chapter 13 bankruptcy. This last resort measure forces a lender to look at mortgage loan modification. It allows you to come up with a payment plan for the past payments As said, this is a last resort measure, so be sure to look at other options first.
About the Author:
James writes about finance and mortgages. He also writes about hypotheekrente and hypotheek aflossingsvrij in Dutch.
posted by Credit Counseling at
5:02 AM
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