Tuesday, June 6, 2017
How To Avoid Mortgage Modification Scams
More and more Americans are becoming unable to pay all of their bills, and looking for help wherever it can be found. Sadly, there are those out there that know this is the state of the Union and are taking advantage of those that are struggling. Unscrupulous and dishonest debt consolidation companies do exist, and they prey on people and families that don’t have enough money to pay all of their bills. The worst of these types of companies are those that take your hard earned money in exchange for a promise to help get you out of debt and save your home. One of the most common promises made is that your mortgage terms will be changed, and that you will save money on your mortgage payment each month so you can stay in your house. But when this turns out to be false, you risk losing your home.
Here are some things to watch for, and what you can do to avoid a mortgage modification scam:
• If you are given a guarantee of a modified mortgage, you might be working with a company that is not able to help you. There are no guarantees of a certain result, and you should steer clear of any one who makes you a specific promise.
• If you are asked to pay a fee before work is complete, you should second guess the company asking for payment.
• If you are not provided background information on the company’s experience and track record, you might not be working with a reputable company.
• Do not work with any company that tells you it is acceptable to stop making your house payments. In many instances homeowners that are able to keep current with their mortgage payments should do so.
Each situation is different, with its own set of facts and circumstances. And while there are plenty of companies waiting to take advantage of a distressed homeowner, there are also plenty of options for help. A good option to take is to talk with an experienced bankruptcy and debt management attorney, who will be able to explain the legal ins and outs of mortgage modifications.
For more information about a mortgage modification, call us today or reach us online at www.law-ri.com. We offer appointments at multiple locations for your convenience and can schedule a time to visit with you today.