The mere prospect of losing your home can have an incredibly negative effect on your mental health. Where will you live? Can you even afford to live somewhere else? How will your children cope with losing their home? What will happen to all of the money you already put into your home? You just want to find a way to make things better so that you and your family can stay in your home.
Unfortunately, there are unscrupulous people and companies who know these vulnerabilities and prey on them. They do this by utilizing publicly available information and targeting people at risk of foreclosure with loan modification scams.
What are Loan Modification Scams?
Loan modification scams essentially involve ripping off at-risk homeowners by making false promises of a loan modification or other service that will keep them in their home. Obviously, getting scammed out of a sizeable chunk of money only exacerbates the problems these homeowners face-and can really destroy any ability to stay in their home.
Therefore, we would urge you to be cognizant of some signs that you are being scammed.
1. The company uses a name or description to infer that they are a government agency or are government-endorsed. This is to make themselves appear reputable to an unsuspecting victim.
2. The company or individual guarantees that it will quickly obtain you a loan modification. This is a red flag as legitimate debt relief agencies do not make such promises, understand that the process takes time, and knows there is no guarantee of success.
3. reThe company puts you on a never ending monthly payment plan.
4. The company asks you to begin making your mortgage payments to them instead of to your lender.
5. You are asked to transfer title of your home to the company.
6. The company asks for hundreds to thousands of dollars so they can “audit” your financials or loan to determine whether you would qualify for a loan modification.
Do not fall for scammers. If you receive calls, letters, emails, social media messages, or even visits regarding a loan modification, you should always proceed with suspicion. Do your homework, research the company, and never sign anything you don’t understand.
Let Levitt & Slafkes, P.C. Work For You
If you need help staying in your home, contact Levitt & Slafkes, P.C. We are designated as a debt relief agency, and our attorneys have a thirty-year track record of fighting for our clients’ rights. Our attorneys are hard-working, compassionate, and intelligent. We understand the law and will do everything in our power to help you. Contact Levitt & Slafkes, P.C., at (973) 323-2953 today, or reach us online to schedule a free consultation.
We are proudly designated as a debt relief agency by an Act of Congress. We have proudly assisted consumers in filing for Bankruptcy Relief for over 30 years.