Scams in bank loan modification are currently very prevalent! This should not come as a surprise. Any time that there is a financial or other disaster the scum appears to rise to the top. Sadly, in this instance their victims are "easy targets." This is due to their distress in their condition and what they have at risk.
And the con artists among us can sense the desperation. Presently, there are numerous people who are in some stage of the foreclosure process. And due to the predicament of these homeowners, the despicable scammers find it simple to take advantage of them through their loan modification scams.
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As with other kinds of swindles, the perpetrators will state whatever it takes to separate you from your money. Below you will find some indications that you may be involved in a loan modification scam.
1. Few details needed - You may be certain that obtaining a legitimate loan modification takes a fair quantity of paperwork and additional information. Therefore, if your contact advises that it is as simple as paying a fee, you probably are being targeted for a loan modification scam. Get out of there as quickly as possible.
2. Fees required prior to consultation - A genuine firm offering loan modifications will consult with you free of charge. In the consultation they will describe the procedures that must be followed and obtain detailed information about your situation which will be necessary to complete the loan modification you are seeking.
3. Payments only in cash or by money order - Here is a huge indication that you are getting caught up in a loan modification scam. Should they be demanding payment by cash or money order, the probable reason is to minimize any "paper trail" and to block you from being able to reclaim your money in the event of a scam. Paying by check or credit card initiates a definitive paper trail and normally provides some recourse for you in the event that you become the victim of some type of fraudulent activity.
Although loan modification scams abound, there are numerous genuine companies to be found which stand ready to help you fight the foreclosure process and save your home by helping you obtain a loan modification. The crux of the matter is to be cautious when selecting someone to assist in saving your home.
Because there are scams preying on people, many choose to fight the foreclosure process by themselves. Those who have tried this are quick to relate that attempting to make the arrangements on their own could be the worst path that they may have chosen. The most unfortunate aspect of their story is that they will be telling you from either a homeless shelter or other temporary housing as they lost their home to foreclosure.
The average person is just not equipped to enter into the negotiation process with a bank or other financial institution and do so successfully. Factor in the vast quantities of paperwork required and the strict process to follow and the random homeowner, fighting to stop bank foreclosure, is destined to failure from the outset.
The point is that should you be in danger of losing your home, you must partner with a professional who has the experience to know the system. They will have a complete comprehension of the process, a knowledge that money is scarce so that they do not attempt to gouge you and, most importantly, a sincere desire to save your home.
Of course, you must be cautious that you do not fall into the trap of a loan modification fraud. You must also do your research, pay attention to your gut feelings, and get something done. Doing so will be your best chance of making certain that you and your family will be able to remain safe and sound in the home you love.
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