Avoid Getting Scammed When Considering Loan Modification.
There are currently a lot of scammers in the loan modification market. Because of the foreclosure boom, scammers are attracted to this industry, so be aware that not everyone that says they can help you out, will be able to help you out.
So what is the best way to tell if your loan modification is legit? You have to know when someone scams you. In this article, we will look at a few pointers to be able to detect a scam.
When your loan modification person demands an upfront payment of a couple of thousand dollars, there's a good chance you're getting scammed. When someone tries to charge you this, don't walk away but run away! The loan modification fees usually get rolled up in the loan amount. In other words, the banks pays your loan modification. The purpose of doing a loan modification is imporving your financial position, not put you deeper in the hole.
When you start on the path of loan modification, it's always a good idea to approach your current lender. When you do this in time, before debt is piling up, your current lender is glad to help you out. Your current lender knows your history and knows about your situation , so they may be best suited to help you.
When calling your lender for a loan modification talk, be sure to go up the chain of command. Customer service person are usually very polite, but unfortunately they can't really help you out. That's why you have to insist on speaking to someone that can really help you in negotiating in these instances.
If you're out of options, you can always file Chapter 13 bankruptcy to force a lender to consider loan modification. This allows you to come up with a payment plan for the payments that are past. Filing chapter 13 ensures you will not get scammed, because all procedures will go through court. If there's no other way out, do it. But look at other possibilities first.
So what is the best way to tell if your loan modification is legit? You have to know when someone scams you. In this article, we will look at a few pointers to be able to detect a scam.
When your loan modification person demands an upfront payment of a couple of thousand dollars, there's a good chance you're getting scammed. When someone tries to charge you this, don't walk away but run away! The loan modification fees usually get rolled up in the loan amount. In other words, the banks pays your loan modification. The purpose of doing a loan modification is imporving your financial position, not put you deeper in the hole.
When you start on the path of loan modification, it's always a good idea to approach your current lender. When you do this in time, before debt is piling up, your current lender is glad to help you out. Your current lender knows your history and knows about your situation , so they may be best suited to help you.
When calling your lender for a loan modification talk, be sure to go up the chain of command. Customer service person are usually very polite, but unfortunately they can't really help you out. That's why you have to insist on speaking to someone that can really help you in negotiating in these instances.
If you're out of options, you can always file Chapter 13 bankruptcy to force a lender to consider loan modification. This allows you to come up with a payment plan for the payments that are past. Filing chapter 13 ensures you will not get scammed, because all procedures will go through court. If there's no other way out, do it. But look at other possibilities first.
About the Author:
James writes about finance and mortgages. He also writes about hypotheek and aflossingsvrije hypotheek in Dutch.
posted by Debt Consolidation Loan at
12:02 PM
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