Beware of Loan Modification Predators

It is pathetic to know that companies are still taking advantage of desperate people. First, they got them into loans they could not afford, and now many of these same thieves are taking advantage of people who are facing foreclosure for whatever reason. As with any business dealings, it is critical that you check out the company that you are considering using. If at any time, you don't feel like they are being up front or clear (preferably before you give them a check), don't feel pressured to stick with them because they are your only hope. If they are selling you on the fact that they are your only hope, I would be even more skeptical.

That said, I want to share with you a few of the main scams that have been used to take advantage of hard working people like you.

Loan Modification Scam #1 - No Job Required
You have to be able to prove to the mortgage company that you can pay the mortgage after the loan modification or you won't be approved. Of course, if you have a source of income that doesn't require you to work like annuity payments, social security, disability, or structured settlement payments, then you could try to use that income to qualify.

Loan Modification Scam #2 - Payment Quotes Over The Phone
No loan modification advisor can tell you what the underwriter will determine your payment to be without them having a complete application. If you get a price quote over the phone, hang up immediately - you are about to be scammed.

Loan Modification Scam #3 - A Guarantee That You Will Get a Loan Modification
The only guarantee a company can make is that they will give you your money back if you do not qualify. Even then, I would recommend paying a portion and not all of the money up front until they can tell you more.

Many people don't realize that sometimes they can get their loan modified themselves and sometimes faster than a third party. The reality is that if someone is working through a third party company, the banks know that a third party is getting paid. They are in the business of helping homeowners avoid foreclosure. I believe it is always worth investigating how you can do your own loan modification first before paying thousands of dollars and getting the same answer.

To learn more about saving your home from foreclosure through successful loan modification, visit http://www.loanrescueaz.com

Article Source: http://EzineArticles.com/?expert=Anthony_Kirlew