6 Smart tips to avoid mortgage modification scams
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6 Smart tips to avoid mortgage modification scams
by Marlon Powell


Mortgage modification is a viable option when you are struggling to make mortgage payments. But there are lots of mortgage modification scams happening nowadays. This article highlights 6 smart tips that can help in avoiding mortgage modification scams.

 

Tips to avoid mortgage modification scams

 

Here are the 6 tips that can help you in avoiding mortgage modification scams:

 

  1. Avoid companies charging upfront fees: You must avoid those companies that charge upfront fees for their services. The legitimate companies analyze your situation as part of a free consultation. You must remember that you are not required to pay any fee for consultation.

 

  1. Avoid services that guarantee results: Beware of those companies that guarantee to solve your problem. You must know that only the lender or the bank has the final say as to whether your mortgage can be modified.

 

  1. Don’t hand over your home: Avoid those companies that tell you to sign over your home to them and in return they will pay back your mortgage. They may even say that they will allow you to rent your own house. You must remember that even if you sign over your home to anybody, you are liable to payback the mortgage loan to the lender.

 

  1. Check the company's reputation: Before signing any paperwork, you should check the company’s reputation and successful cases of mortgage modification over the years. Reputable companies will be able to provide references and testimonials so as to prove their trustworthiness. If the company fails to provide references, then you should search for other companies. You can also verify the company's reputation with Better Business Bureau.

 

  1. Read the contract: You should sign a contract only when your attorney has read it thoroughly. Most of the defrauders write a contract that seems fair at first, but will work against you in the long run. An experienced and reliable attorney must approve of all the paperwork before you sign the contract.

 

  1. Don’t stop making payment: You should avoid those companies that advise you to stop making mortgage payments to your lender and pay them instead. You must never make mortgage payment to anyone except your lender. 

 

These are the 6 tips that can prevent you from becoming the victim of mortgage modification scams.

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