Loan Modification Scams

Full Video Transcript

Unfortunately, it seems like everyone is trying to get into the loan modification business these days. Scammers target vulnerable home owners fearing foreclosure, falsely telling them that they will renegotiate their mortgages for them, reduce their monthly payments and transfer delinquent loan amounts to the renegotiated principle. These companies often demand an upfront fee in the range of $1,000 to $1,500 to participate in their loan modification program. Sounds pretty good, right? Wrong. These scammers were merely pocketing the money and leaving the homeowner worse off for it. [Representatives of] several of these companies have been arrested and charged with fraud and other crimes. Now there are certainly legitimate loan modification services out there. But homeowners with financial trouble are best off consulting an attorney. An attorney is the only legal professional who can truly advise you about your legal options. An attorney can also help you with a variety of loan modification programs for which you may be eligible and often at similar rates charged by nonattorney service companies. So don't possibly jeopardize your rights, contact an attorney for more information on what options are available to find solid ground.

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