Types of Loan Modification Scams

What is a scam?

Dictionaries describe scams as follows, according to http://www.thefreedictionary.com/scam.

n. A fraudulent business scheme; a swindle.

tr.v. To defraud; swindle.

How you know if you have been scammed by a loan modification company

The first type of loan modification scam involves the said company taking your money and not never communicating with you again.  The scammer makes a false front as a legitimate company and leaves the area after they collected a large sum of money from their victims.

The second type of loan modification scam involves companies who collect a fee from you (the client) and does not refund the money in the event the loan has not been modified successfully.

It is important to make sure you are engaging in a transaction with a reputable company.  ModFraud.org can help you:

• Work with an attorney to get your money back from a scam.
• Find a pre-screened loan modification company

1 Comment

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