No one wants to lose their home. Troubled homeowners are desperately trying to obtain a loan modification through the Home Affordable Mortgage Plan that President Obama signed. It is a hard thing to go through, but you should not react in haste and end up being the victim of a scam.
Fraudulent businesses are making claims to these frantic homeowners that they have a very high rate of success in obtaining a loan redo for defaulting mortgage holders. Don't you believe it! These con men are scamming homeowners at their most vulnerable moment and charging them large fees; often they still lose their home. Homeowners can get help without paying thousands of dollars for it.
Warnings have been given by the Obama Administration that tell homeowners that they should never pay for any guaranteed modification assistance up front. This government program is free of charge. The government has a website that can give you all the information you need to do this by yourself. But, if you still feel you need assistance, you can get help through HUD or other private non-profit agencies.
The loan modification process seems very daunting to many people, and some folks are overwhelmed. Most of us are not experts in loan applications, so don't feel alone. Although it is tempting to just turn everything over to someone else to handle, this can be a financial disaster. And, you can still lose your home, in addition to a lot of money.
One company in California has scammed $12 million dollars from vulnerable homeowners and only completed a few successful packages. The FBI is investigating the situation and many like it. But, their work is not done. Federal and state government agencies are working in conjunction to try to shut own these dishonest opportunists, but they are still going strong. So, be careful and don't fall prey to them.
Ultimately, this is your home. You need to do what you can to keep it. Research and become familiar with the loan modification guidelines. Working with your bank, you may be able to get a lower interest rate or a longer loan term that will lower your house payments and help you stay in your home.
For more information about the firsttimehomebuyerstimulus.org home stimulus package, check out: FirstTimeHomeBuyerStimulus.org FirstTimeHomeBuyerStimulus.org/
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