I’m not a betting man, but if I were, I’d bet you or someone you know has tried doing a loan modification in the not to distant past. I would also think it safe to say that they (or you) were probably turned down (almost everyone is). Although I must admit, I do know one person who was given a modification. They modified his mortgage from $1,100 a month to $4,000 (thank you Bank of America for that, we can always count on you for comedic relief). Of course he promptly quit paying his mortgage. It is a shame to see so many people struggling, but to add insult to injury we have these scam artists praying on the uninformed. There are companies that claim they can help you get your loan modified and prevent foreclosure.
Several south Florida companies are currently under criminal investigation for charging up front fees for loan modification services. There is one small problem, charging an upfront fee for this service is illegal in Florida. I personally know many people who have fallen into this trap. The companies look legit, they advertise in print, telemarketing, emails, and on the Internet. Then when they can’t get the loan modified they send it to a real estate agent to do a short sale and they want a “kickback” from the agents commission upon sale (on top of the fees already collected). Please don’t let anyone you know fall into this trap. Talk to an attorney or a licensed Realtor today, if a short sale is in your best interest it can often be done without a penny out of pocket from the seller. If someone asks you for money try to get your loan modified, call and report them at 1-866-966-7226 (for Florida Residence). Oh yah, and if you need a good real estate agent experienced in short sales, call me.
Jim Taranto http://www.sellinbrevard.com/ 321-960-0729
