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Three Signs of Loan Modification Scams

December 16, 2012 by Carmen Brodeur

Loan modification programs or “loan mods” have become very popular. However, you need to be careful because not all programs are legit. There are a lot of crooks preying on people with fraudulent loan modification scams. real estate in scottsdaleHere are 3 signs that the loan mod may be a scam

1. Upfront Fees Required

You should be skeptical of any loan mod program that requires that you pay an upfront fee. Most genuine loan mod programs do not ask the borrower to pay fees in advance.

2. Too Good to Be True

As the saying goes, if it is too good to be true it usually is. If the interest rate and monthly payment is crazy low, you better take a step back. Most loan mods will help reduce your payments but not down to current rock bottom rates. If they do reduce your interest rate to current low rates, you are usually ending up with a balloon payment at the end. Most people don’t read the fine print and realize the bank is getting you in the end.

3. Computer Generated Offer

Beware of any unsolicited form letters. If you call your bank and they don’t know what you are talking about, throw it in the trash. Simple as that.

Carmen Brodeur JD
Realtor
Trillium Properties, LLC
9825 E Bell Road, Suite 120, Scottsdale AZ 85260
(602) 791-0536
Carmen@TopScottsdaleHomes.com
www.TopScottsdaleHomes.com

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Carmen Brodeur Scottsdale RealtorVoted in the Top 3 Real Estate Agents in Arizona by the readers of Ranking Arizona Magazine, 2015-2022. Her background as an Attorney gives her special expertise with contracts and negotiations. Carmen has a proven track record of success with buyers and sellers in Scottsdale.

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Your Scottsdale Real Estate Connection

Whether you are buying or selling, we are committed to providing you with exceptional service. Put our experience to work for you. Contact Carmen Brodeur today at Carmen@TopScottsdaleHomes.com

Our Office

We are conveniently located in North Scottsdale.

Trillium Properties, LLC
20715 N. Pima Road, Suite 108
Scottsdale AZ 85255
(602) 791-0536
Carmen@TopScottsdaleHomes.com
 
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