Lately, I’ve noticed there may be a NEW scam with Loan Modifications. Last year there were a ton of agents, lawyers offering to help distressed homeowners who were having difficulty paying their house payments by offering to help with a loan modification. A lot of these unscrupulous scammers were asking for payment anywhere from $1,000 to $3,000 on up for their services.
What we found was that these people were simply taking money from the distressed homeowner and doing nothing to very little. On October 11, 2009 the California Department of Real Estate stated that no one including an attorney NOR Realtor could charge for offering to help distressed homeowners with loan modifications.
SB 94 states very clearly that NO ONE can charge money to help with a loan modification.
There are FREE services to help you if you are having trouble paying your house payment and would like the bank to give you a loan modification.
This year, what I am seeing are these same and new scammers who offer FREE help with loan mods that they really have no intention of follow through with but have figured out a way of listing the homeowners home as a Short Sale since they have the distressed homeowner as a captive audience supposedly working on their loan modification.
It’s a sneaky way of coming in the back door and just not what an ethical Realtor ® would ever do. However, we all know not everyone is ethical. Here are a few articles I have written about Loan Modification scams and What you Need to Know About Loan Modification.
As a Sacramento Realtor ®, I am bringing this information as a service to all those homeowners who are distressed and having trouble paying their house payment. Don’t be taken advantage of. Be very careful when listing your home for sale as a Short Sale. Make sure that the Realtor ® you list your house for sale with is NOT coming to you with the premise of doing a loan modification for you.
As a CDPE which means a cerfiied drestressed property expert, I deal with Short Sales on a regular basis and have the training to help you with your Short Sale home for sale. I would suggest to you, that you look for a CDPE certified Realtor ® to help you.
Other Loan Modification Articles:
What You Need To Know About Loan Modification
Loan Modification Scams Coming to Sacramento
Sacramento Homeowners Need Help
This entry was posted on Wednesday, January 19th, 2011 at 5:30 am and is filed under Loan Modification, Short Sale. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.
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