Whenever there is an opportunity to truly use people who need help, scammers, spammers, and fraudsters come out of wood products, "wolves of sheep clothing". Also, the slump in the housing market was no exception.
Why people do this is beyond me, but that is about greed, it is a way to earn money from individuals who have undoubted trust. Some of these "fraud" organizations were lawyers if you could believe it. Why do not you trust a lawyer? They know the law and they protect us. Wrong ! !
How these people earned money is to prepay the money before running the service and in many cases only disappointed the landlord who lost the home. Everyone who is committed to changing your loan, reducing principal, or completely abolishing mortgage is talking.
All lenders have different standards and in many cases the lender who is offering your loan is not making final remarks. It is the investor who owns the loan that makes the decision. As bank negotiators do not share this information, access to investors is generally not allowed.
"I can change your loan", "Reduce your loan balance", "Save your credit", "I know the lenders", "I will do this Please have a look at me going to work.
New laws have been enacted to punish these malicious individuals and organizations. It is illegal to collect money before running the service and compulsory disclosure to all parties is required.
Those who claim to be legitimate organizations should contact your lender, negotiate new provisions and propose in writing what will happen. If you are unacceptable, you do not need to agree to that condition.
In addition to the loan modifier, there is also a "forensic auditor." The selling point of these companies was to conduct an audit on your mortgage to determine if all the assets were traversed and whether "I" was dotted. Basically, make sure that the loan document complies with state and federal lending regulations. And if not, please hand with the lender to fix the lender. In some cases, lending may be completely eradicated. Wrong.
According to the FTC, this is far from the truth, even if there is an error and appealing your lender, the lender does not need to change the loan. California state law AB 2325 (effective in January 2011) registers with the Ministry of Justice for all legal auditing firms and prohibits the collection of advance fee prior to the audit. Finally, how to stop the majority of con artists. This does not mean to disappear all night, but that is the beginning.
There are legitimate companies and lawyers who can work with you to change your loan, advice is to confirm the credentials.
· Do not pay fees for any organization
· Check the reference
· Maintain communication with lenders
· Please pay attention to the data to pass.
Confirm better business bureau
If you believe you have encountered a fraud or need detailed information about the organization you can contact the state attorney general's office, the State Department of real estate or the Federal Trade Commission.
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