Is My Loan Modification Company Legitimate?
Written on September 23, 2009 – 8:07 am | by Loan Rescue AZ
Sadly, there are many scams in the world of loan modifications. Some of the same crooks who created much of this mess are now trying to cash in on once again desperate people. It is a sad reflection of where we are as a society, but rather than was philosophical, I will discuss a few ways to know if you are dealing with a legitimate company.
Generally, you will be dealing with either an attorney, a loan modification company, a mortgage professional, or a real estate professional. Keep in mind, that this is a service that is in it’s infancy so few people can claim they have been “doing this for years”. That in itself would be a tip off that you are at least dealing with someone who is not being up front. Perhaps, they have been in the real estate or mortgage business for many years (as we have), but not as a loan modification specialist as the job did not exist until recently.
Also, just because someone is in the real estate or mortgage business does not mean that they have any understanding of the loan modification process or have a better chance at getting a loan modification approved for you.
In the next three blog posts, I will identify several shady tactics used by some of the scam artists, but in general be aware of any “fast talking salesman” who makes you feel pressured to make a decision.
Lastly, do your due diligence as you would with any other type of service. Many people are too embarrassed to ask others if they know of any reputable companies, so I don’t expect you to do that, but at a minimum do a Google search on the company and also check the BBB for any negative entries. You should also know that not being listed is not an immediate disqualification as the BBB is a for profit entity and many reputable business owners forego paying their fees, however a complaint can be lodged against a company that is not a member, so having a complaint is still a valid negative.
A great alternative is to do your own loan modification. Most people don’t realize that they this is an option or they just don’t know how. We take the guess work out by showing you where you can get the info. Visit this link to preview a do it yourself loan modification system put together by a real estate veteran who has been successful in modifying 5 of his own loans. His product also comes with a 100% money back guarantee so if you are in need, check it out today!
Tags: loan modification, loan modification scams, stop foreclosure
3 Responses to “Is My Loan Modification Company Legitimate?”
By JOAQUINA GUZMAN on Dec 7, 2009 | Reply
I CALLED THE COMPANY (MY LOAN RESCUE) AND FROM WHAT THEY TOLD I WOULD QUALIFY FOR A MODIFICATION AFTER 6 MONTHS OF WAITTING THEY FINALLY TOLD ME I DID NOT QUALIFY THEN I FOUND OUT FROM ANOTHER COMPANY THAT THIS COMPANY WAS NEVER IN TOUCH WITH MY MORTGAGE COMPANY NOW THAT MY MONEY NEED TO BE REFUNDED THEY DO NOT WANT TO RETURN MY REFUND BACK.i DON’T THINK THESE COMPANIES SHOULD SAY THEY WILL REFUND YOU MONEY WHEN THEY DON’T EVEN KEEP THEIR WORD.
By Loan Rescue AZ on Dec 10, 2009 | Reply
Joaquina, I am sorry to hear of this. The regulators work as hard as they can to put dishonest companies out of business, so my recommendation is to send a letter to the Attorney General for your state and also to the Department of Financial Regulations.
If you still need assitance, I would be happy to have a consultant contact you to discuss how we might be able to assist you. It would be helpful to let the consultant know why they said you were turned down so we don’t start the process on the wrong foot. I will be posting more information here shortly. Sadly we had to rebuilt our site after it was hit with a virus several months ago.
I wish you the best in the midst of this trial.