Recognizing Loan Modification Scams

The proliferation of loan modification scams over the past few years has made an already stressful situation for upside down homeowners even more treacherous to navigate.  Here are six red flags that may indicate you are dealing with a loan modification scammer:

1.  The company [or representative] asks for an upfront fee.

2.  The company guarantees they can stop a foreclosure or get your loan modified.

3.  The company advises you to stop paying your mortgage and pay them instead.

4.  The company pressures you to sign over your deed or other paperwork that you don’t fully understand.

5.  The company claims to offer “government approved” loan modifications.

6.  The company asks you to provide personal financial information over the phone or internet.

For a more detailed explanation of each of these red flags as well as a wealth of information regarding loan modification scams, go to www.loanscamalert.org. 

If you are having trouble making your mortgage payments, contact your mortgage company right away and see how they can help you.  If you are trying to sell your home but owe more than it’s worth, you may qualify for a short sale.  Contact me directly at 318-564-5295 and let’s discuss your situation.   

Do you need to buy or sell a home?  If you ARE considering buying or selling a home in Shreveport or Bossier in the near future, would you please keep us in mind? You can reach us directly at 318-207-SOLD (7653) Thanks!