3 Things You Can Do To Avoid Mortgage Modifications Problems!
3 Things You Can Do To Avoid Mortgage Modifications Problems!: If you acquired your home by taking on a mortgage and are now struggling to pay for it, numerous advertisements on the internet, or a phone call or even by postal offering to reduce your mortgage payment, by considerably high amounts a month must sound awfully enticing. However, beware they may only be mortgage modification scams.
Companies swindling homeowners, which sometimes take hundreds and sometimes thousands of dollars for loan modifications but eventually leave homeowners much worse off.
Avoiding mortgage modification scams can be a difficult task due to clever strategies employed by such companies. At times, they pretend to be associated with the government; other times they offer guarantees to get loan modifications regardless of the circumstances.
Mortgage modification hurdles are numerous and thus, we will elaborate on ways you can avoid mortgage modification problems effortlessly.
- Refuse to pay fee upfront
No matter what someone tells you, do not make an upfront fee to receive help with a mortgage modification. In fact, even legally, companies providing mortgage relief services are not allowed to charge a client before they have issued a written offer from the lender and they have acknowledged the offer consequently.
- Pay the lender directly
Do not make the mistake of sending your mortgage payment to anyone but your lender straightforwardly. Some fraudulent companies ask to be sent the mortgage payments so they may forward them to the lender while negotiating on the client’s behalf, however, the probability of them never sending the payments and running away with the money is high in such cases. Hence, beware of this one!
- Do not focus on the name
When avoiding mortgage modification scams, you should be careful to not fall for official sounding names of companies. Many a times to sound legitimate, various companies name themselves the likes of “Federal Debt Commissioning” or “Federal Assistance Program”. However, this does not necessarily mean they are affiliated with the government. These names are purposefully chosen to scam many who are struggling with mortgage repayments. Focusing on the name is not important hence.