Avoiding Loan Modification and Relief Scams

[ptradmin]

So by now I'm sure you've heard of the federal HAMP loan modification program. This was an attempt to solve the mortgage crisis - at least in part - by reducing the payments homeowners made to loan servicers (mortgage holders). There are a lot of loan modification scams in the market as well - and it's really affecting homeowners, preying on those who need the most help. To understand how to avoid the fraud and scams, it's first important to follow the original HAMP program and how it was designed. We've provided a quick summary of how it worked and the expectations of the 2009 program as well as a summary of what went wrong and the scams that have abounded since.

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[Everett]

One other thing that is creeping up is people modifyng their loans, and rolling in ~$3000 in closing costs just to save a 1/2 percentage point... not so hot when you factor in a 30-year note (made even more eggregiously bad when you refinance into a new term and lose years towards the payoff date).

[GG2]

good points...thx