I just caught an Inman News story on the wire where author Matt Carter referenced a Southern California Loan Modification Company alleged to have used “high-pressure, cash-up-front” telephone sales business tactics to target distressed homeowners.
This is amazing, though I shouldn’t be surprised. Folks are desperate out there right now, and to make matters worse – there’s a legitimate predatory risk of gran proportion lying in wait for unwary homeowners who are simply trying to do the right thing by staying in their homes and maintaining mortgage loan payments in the most responsible manner they possibly can.
I remember watching the movie Boiler Room, where a former back room gambling runner enters into, succeeds with, and subsequently exposes a high-pressure stock trading firm who used the same high-pressure, over-promising practices we see in some of these loan modification companies.
Click here to view the embedded video.
Boiler Room Meets Loan Modification Company
The story of H.E. Servicing, the California Loan Modification in question, an individual who was shut down as a loan modification company owner by the State of California. He then went out, found a fresh out of school attorney via Craigslist (they have to be loving this attention by the way), and started all over again. The hubris alone here is staggering.
Official Loan Modification Resource
Folks, there’s really only one place to go should you find yourselves in need of loan modification services, and that’s the official Making Home Affordable website. There, you’ll find information designed to inform and educate you about the mortgage modification process. Some key facts you’ll learn there include the following:
- There is never a fee to get assistance or information about Making Home Affordable from your lender or a HUD-approved housing counselor.
- Beware of any person or organization that asks you to pay a fee in exchange for housing counseling services or modification of a delinquent loan. Do not pay – walk away!
- 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.
- Never submit your mortgage payments to anyone other than your mortgage company without their approval.
Have You Fallen Victim to Fraudulent Home Loan Modification Practices? We Want to Know…
Have you or someone you know fallen victim to a loan modification organization who promised to save your home, only to have cost you thousands? Drop a line here to let us know.
The more we talk about these back alley boiler room operations, the better informed the general public will be.