Why Loan Modification Scam?
Scams are bad but I hate when they take advantage of already worn out homeowners who are scrambling for any outlet. As per Scammers, they are just looking for new things to tap in their culprit mindset to earn quick cash. It doesn’t matter whether economy is bad or people are going thru hardship. Mr.Obama announced this program in Feb 2009 to help out distress home owners. It seemed really viable solution but there were hurdles in implementing this program. It took time and great deal of paper work for the lenders and mortgage companies. Meanwhile, Scammers took the time into their advantage and started advertising to work as intermediataries to help the homeowners. Truth of the matter, you don’t need an intermediatary for loan modification program. Your lender/mortgagor servicer should be able to help you out directly because they not only going to earn great deal from the transaction. They are also paid incentives from the government for doing every loan modification. They might take
