top right real estate image

You are here: Home \ First Time Sellers \ Beware of Mortgage Loan Modification Scams

Beware of Mortgage Loan Modification Scams

by elizabetheugenio on April 8, 2009

While loan modification has benefited numerous homeowners lower their payments and save their home,  scams are on the rise.  There has been a lot of coverage lately in the news regarding foreclosure prevention scams and it is good because it weeds out the scammers who take advantage of homeowners who are already in financial hardship.  

Here are some points to remember to protect yourself:

  • Don’t sign anything unless you completely understand it.  If in doubt, have all documents reviewed by a trusted real estate provessional or an attorney.
  • Don’t deed your property to anyone.  When you deed your property to anyone, you still have mortgage obligations
  • Don’t let anyone assume your loan without your lender’s permission and without them formally releasing you from liability for the mortgage
  • Don’t move out of the house because you were promised that someone was going to make the mortgage payments for you
  • Do not let your insurance lapse.  When the lender finds out, they may initiate foreclosure proceedings
  • Don’t list your home with a Realtor that is not experienced with short sales
  • Don’t sell your home without determining the approximate market value 
  • Don’t pay up-front fees for any service or loan, borrow more money or take out a loan without considering your abiity to make the payments
  • Avoid refinancing with inflated fees, a prepayment penalty, excessively high interest rate or a ballon payment due
  • Be leery of anyone who contacts you and promise they will solve all your problems and save your home
  • Get all terms and promises in writing
  • Check for complaints about any company that offers to buy your home.  Your State’s Consumer Protection office will have this information.

Elizabeth M. Eugenio, (909) 376-8615

Email: Elizabeth@HomesByLiz.com, Website: www.StopForeclosureRemedies.com

Certified Distress Property Expert (CDPE), Certified Residential Specialist (CRS), Graduate Realtor Institute (GRI), Certified Foreclosure Specialist, (CFS).

Tagged as: , , ,

Article by Elizabeth Eugenio

Since 1991, I have served the residents of Chino Hills and surrounding cities. Providing exceptional customer service has been my top priority earning me referral and repeat business from family, friends, associates and past clients. The advanced training in finance, marketing and technology I received as a Certified Residential Specialist (CRS) designee provides you better representation making the buying and selling process a more profitable and easier experience. Only 4 % of Realtors in the nation has earned this designation. Short Sale and Foreclosure Resource (SFR) is the only designation recognized by the National Association of Realtor for short sale and foreclosures. This designation and the (CDPE) Certified Distressed Property Expert has allows me to better assist you as a buyer on your purchase of these properties and as a homeowner experiencing financial hardship avoid foreclosure. Additionally, the Seniors Real Estate Specialist (SRES) designation has helped me serve the special needs of the 55 years and better population by making the process easier and help keep more of your r money when you move. Contact me for all your real estate needs and you can count on me to provide you better representation and make sure you have an easier and smoother transaction. I can be reached at (909) 376-8615 or at: Elizabeth@HomesByLiz.info.

Elizabeth has written 27 articles on this blog.

Subscribe & Stay Updated

If you found some value in this post then you will definitely enjoy our other articles. Subscribe to our feed to get our latest posts instantly!

real estate search

Leave a Comment

Previous post: Strategies to Keep Your Home

Next post: Economic Recovery is everyone’s responsibility