Mortgage Market News - Phoenix, AZ

As I have spoken with countless desperate homeowners and real estate agents trying to help their clients keep their homes, there are three very common scams that I have heard of people encountering. I have listed them below with a link to our loan modificaion blog detailing each.

No Job Needed. Bottom line is that a loan modification is working out a new payment plan with your mortgage lender. If you don't have a job or a source of income you have nothing to negotiate.

The Promise. No one can promise you a loan modificaion.  There are just too many factors and each case is unique. A company can however offer a money back guarantee, if they have a strong enough success rate as ours does.

Over the Phone Payment Quotes. Similar to not being able to make promised, loan modification consultants cannot quote you what your new payment will be or even guarantee how much your payment will drop.

It is unfortunate that so many crooks are rearing their heads in this market, but I talk to lots of people who are looking for help and many are in desperate situations. Sadly, many of them have been taken advantage of.

If you are interested in speaking with a reputable loan modification consultant, call 800-757-9704.

While loan modifications can be a welcome relief to struggling homowners, the biggest let down would come in the form of a loan modification scam.  IF you need are considering doing business with a loan modification company, here are some pointers.

1. Always check out the loan modification company you are going to do business with. At a minimum do a Better Business Bureau search and a Google Search on the company.
   
2. Do not make your mortgage payments to any company other than your mortgage company. Legitamate loan modification companies work with your current mortgage company to work out new terms, so you should be making your payment to the same compay in the end.
   
3. Make sure the uses a law firm to negotiate with your lender. If they are not using an attorney, the success rate will be much lower, which means you could lose money.
   
4. Ask if the company has a money back guarantee. Most likely, if you are behind on your mortgage it will be difficult to come up with the money for the loan modification, so you might be risking borrowed money.
5. If you are unemployed, you will not be able to get a loan modification regardless of what you are told. A loan modification company basically helps the bank understand what you are able to pey based on your currnet income. If you have no income, there is no way to negotiate a payment.
   
6. Beware of anyone who asks you to hide assets by transferring them to others so you look more “needy.” Bottom line - this is fraud, and you may end up getting to know your loan modification consultant a lot more than you want to (in jail!)

If you are behind on your mortgage, struggling to pay your mortgage on time, or facing foreclosure, contact Consumers Advantage Mortgage at 800-453-9290 or by email at anthony(@)atozlnder.com. We look forward to helping you save your home.