Tuesday, April 13, 2010
Loan modification--maybe run?
Ilyce Glink, Gannett, tells of a guy offering to read a person’s loan paperwork and find errors to help the customer get out of the loan.
Of course, he wanted a mint for this “service.”
This is only one scam being dangled in front of increasingly desperate homeowners.
It’s a SCAM BUBBLE! Ta-da!
Supposedly, B of A is coming to some former Countrywide mortgage holders offering to bring their totals into closer to market range. (I have yet to get that call, let me be sure the phone is working…yes, dial tone.). This is probably legit.
Claims that your credit will not be hurt by modifying are also false—the smaller payments are called partials. Some of these reductions are also temporary and won’t get made permanent.
Do not pay people upfront. Try to find a state agency or nonprofit that is not a total ripoff.