Loan Modification: Traps to Avoid

Beware of Loan Modification scam artists. If you’re having trouble making mortgage payments or you’ve already missed payments, you’re probably worried that it’s too late to save your home. The good news is that there are legitimate loan modification programs that can help save your home from foreclosure. The bad news is that some scam artists seem to offer legitimate programs, but are actually trying to cheat you out of your home and your money. Protect yourself!

Follow these simple guidelines to avoid Foreclosure and Loan Modification Scams:

  • Never make your mortgage payments to anyone other than your mortgage company without your mortgage company’s approval.
  • Never pay a fee for assistance with or information about the Making Home Affordable Program.
  • Beware of any person or organization that asks you to pay an upfront fee in exchange for counseling or modification of a delinquent loan. Never pay a fee!
  • Beware of anyone who says they can “save” your home if you sign or transfer over the deed to your house.
  • Do not sign over the deed to your property to any organization or individual unless you are working directly with your mortgage company to forgive your debt.