“People facing foreclosure should avoid any company or individual that requires a fee in advance, guarantees to stop a foreclosure or modify a loan, or advises the homeowner to stop paying the mortgage company.” Federal Trade Commission

1. Always avoid offers to modify your mortgage in exchange for upfront fees. No one should expect payment for mortgage modification services other than commission fees after the modification has been completed. Do not pay for the promise of results … pay only for the results themselves.
2. Be suspicious of anyone who guarantees you a mortgage modification. Any legitimate agent or servicer should know that the mortgage modification process is complicated and dependant on many factors, and that to guarantee a successful modification is unrealistic. Fraudulent parties will make this promise to falsely raise your hopes, making them appear as though they are providing a rate opportunity. As common sense suggests, if it sounds too good to be true, it usually is.
3. Certain frauds present themselves as government agencies or other authoritative entities by creating websites with official-looking seals, official-sounding names, or video clips of politicians. If someone claims to represent the government, a lending institution or a bank, be sure to verify his or her affiliation. The best way to do this is to check with your lender, Better Business Bureau, or the government’s official Making Home Affordable website.
4. Beware of people who pressure you to sign papers immediately, or who try to convince you that the can “save” your home if you sign or transfer over the deed to your property. This may be called “taking over your property subject-to existing financing.” But no matter what you are told about why you should sign over the deed, understand that once this is done, you no longer have legal rights to the property and can be removed from it. Always see counsel before proceeding with an option like this.

Scammers are all around us. Don’t let con artists fool you, or someone you know, into an even worse financial situation by a predatory mortgage scheme. If you have questions about avoiding mortgage scams, or if you need legitimate, professional help with avoiding foreclosure, know that real help is available.

Call Kathleen Daniels, Certified San Jose Short Sale Specialist today @ 1-800-972-1822.

Intero San Jose Ca

Copyright © 2010, All Rights Reserved by Kathleen Daniels, San Jose Short Sale Specialist *San Jose Ca Mortgage Modification Red Flags*