There are many distressed home owners out there and by distressed I mean struggling to make mortgage payments. There are also a lot of struggling real estate agents trying to make their mortgage payments. I get at least one email a week outlining how I can get rich by helping home owners with loan modifications.
A loan modification, or loan mod as the spammers or scammers call them are when the borrower can renegotiate the payments with the lender. There isn't any need to pay for help with a loan modification because the borrowers can do it on their own or they can get help for free through a few non profits organizations. If any of you need the information or phone numbers for these, just let me know and I will send them to you. Remember it is FREE help.
As for real estate agents who want to get rich doing "loan mods" please make sure that the program you are getting involved with is legal in Utah, some of the for profit loan modification services are not legal. Different states have different laws and the mortgage and real estate industries are regulated at the local level.
Watch out for the following warning signs:
**Calls offering you buyback or lease-to-own options
**Offers to provide "Walk-Away" services
**Requests for your social security number
**Counseling that requires fees for services
**Offers for quick and easy fixes
From looking at my email I would say that the number of scams out there are at an all time high. Please be careful and if your real estate agent offers to help with a loan modification ask a lot of questions. Like I said I have information and phone numbers I can refer you to if you need help with your loan.
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