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:
In the middle of the housing and credit crisis, loan modification has become an option for homeowners to get some relief.
Unfortunately, there are a lot of fraudulent companies that are taking advantage of consumers. Here are some tips that can help to choose the right loan modification company.
- Better Business Bureau
This is always a good place to start. Visit www.bbb.org and find out what you can about your potential loan modification company.
- Consumer Compliants
Visit our government links to see if any reports have been filed against that company.
- Use a Pre-screened Company
Speak with a ModFraud.org representative to find a pre-screened loan modification company in your area.
As always, knowledge is power! Educate yourself before making a decision to send a company your money.
Loan modification companies are coming to market as fast as sub-prime mortgage brokers entered the market during the “Refi Boom”. And unfortunately, the mess they may leave behind could be just as bad.
It is important to work with a loan modification company that can actually help. Most customers are approached by brokers or middlemen that try to work with the bank on your behalf. Worse yet, sometimes they do nothing at all.
Working directly with an attorney or legal office is the only way to be correctly represented.
ModFraud.org provides a free service to connect victims of loan modification scams and fraud to attorneys who specialize in mortgage modification fraud.
In a time of economic hardship, Americans have been seeking advice from professionals that can truly assist in providing a point of financial stability in our lives. Unfortunately, during this period a vast array of unethical individuals and companies are born, with the primary mission to prey and victimize clients in dire financial straits.
Knowledge is power. Educate yourself before committing to programs that pertain to your financial future. If you feel you have been cheated by a modification company and believe you are entitled to a refund, please contact us for a no obligation, no fee consultation. No longer be the victim and fight back!
There is no up-front fee. Attorneys work on a contingency basis and will get paid out of settlement.
Loan Modification, Pre-Screened Companies, Scam and Fraud Assistance | ModFraud.org | 
February 23, 2009 1:22 pm | 
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