When the banks started to collapse, many homeowners needed to look for an alternative to foreclosure. This option is loan modification.. A loan modification basically means asking the lender to change the terms of your mortgage permanently. The change of terms oftentimes comes down to lowering interest rates. Also, extending the time of the loan is oftentimes done to keep the damage for the bank to a minimum. Lenen shows how the Dutch solve this matter.
Because of the increased need for mortgage loan modification, a lot of scams are surfacing right now. Con men will try to get an upfront payment from you, promising that they can solve your problems. You will need to learn how to avoid these swindles.
Fast results and guarantees are exactly what most people are looking for when trying to do mortgage loan modification. If you get a guarantee, you can be almost one hundred percent sure it’s a swindle. Because the loan modification is not in charge of the decision, they can’t guarantee anything about the outcome.
A lender will consider your mortgage loan modification request within 30-60 days. The fraudulent loan modification companies will promise anything, because they know they will never have to make good on their promises. They will concur with any condition you have, because they only care about their upfront payment.
Do your best to find a reputable loan modification company. Don’t take the easy route and go with the first company you see. Don’t put your mortgage loan modification in the wrong hands, along with your money.