Are Loan Modifications Worth it or are they a Scam?

Homeowners who are struggling to make their mortgage payments need to be aware of con artists that promise to save their homes and lower their mortgage debt or their payments.

Watch out for:

• No special assistance is needed to apply for a HAMP modification and paying a third party does not improve your likelihood of obtaining one. Beware of persons claiming to be HAMP experts. Homeowners can make application on their own or with the help of a Housing and Urban Development (HUD) approved housing counselor. Applying for the program is always free.
• No third party can approve a modification; this can only be done by the loan servicer.
• No advance fee is necessary for mortgage modification services and in most cases charging in advance for a modification is illegal.
• Homeowners should verify the authenticity of any individual or company that claims to be affiliated with HAMP or displays a seal or logo representing the U.S. government by calling the Homeowner’s HOPE^TM Hotline.
• Beware of individuals or companies that offer money-back guarantees or that advise stopping mortgage payments or not contacting the mortgage servicer.

The key is to look for help that requires NO FEES! If you have questions about the loan modification you’re already taking part in, or if you’re in any kind of trouble with your mortgage, call me at (703) 774-9572 or email me. We’ve helped hundreds of homeowners and we can help you too.

We have successfully sold over 350 short sales! Yours may be next!

Jennifer Young Homes

Keller Williams Realty

(703) 774-9572