Following the nationwide foreclosure epidemic comes one more thing homeowners need to look out for. We’ve written multiple times about mortgage modification scams and it’s in the news again recently. The Detroit Free Press reported this week in the USA Today on what could save you thousands of dollars, or even your home.
The scam stems from the nearly $30 billion set aside for the government’s foreclosure prevention initiative called HAMP (Home Affordable Modification Program). Applying for the program is free, as is access to housing counselors to guide you through the process. But those perpetrating the scam advertise online, on the radio, on TV and in print with official looking material aiming to convince desperate and under-water homeowners to pay them on promises of lowering their monthly mortgage payment better than they could on their own.
So far, these mortgage modification scams have led to criminal charges brought against 17 people. Three have already been sentenced to prison. In November alone, the government shut down over one hundred websites that were being advertised on major search engines. If you’re considering mortgage modification, remember, application is free, as is the counseling. You don’t need to pay. But if you’re faced with losing your home, you’d be wise to talk to a bankruptcy attorney first. In our free consultation, we can help you explore the best options available to you so that you can save your home and get back on the right financial track. Give us a call at (816) 561-1818 today!