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Most Common Loan Modification Scams Out There
Four Common Signs of a Loan Modification Scam
Choosing a loan modification service provider can be very difficult; especially when you have the added pressure of a possible home foreclosure. Unfortunately, you still have to keep your eyes open to scam artists trying to make money on false promisses and misinformation. Principal Mitigation Corp wants to make it easier on you by giving you a heads up when scouting for a company you can trust. PMC is that company, and you will not see us saying or doing any of the following...
1 :. "Simply sign the enclosed contract and send it back immediately. Your
counselor can go over the details later once we stop your foreclosure."
Know what you are signing. Read and understand every document you sign. If a document is too complex, seek advice from a lawyer or trusted financial counselor. Never sign documents with blank spaces that can be filled in later. Never sign a document that contains errors or false statements, even someone promises to correct them later.
2 :. "Now that ABC Company is involved, please remit all future mortgage
payments directly to us. We will forward these payments to your lender
on your behalf."
Make your mortgage payments directly to your lender. Never give a mortgage payment to a third party who promises to make the payment for you.
3 :. "We guarantee to stop foreclosure immediately and save your home."
Keep an eye out for a company "guaranteeing" to stop foreclosure, allowing you to remain in your home. Illegitimate or unrealistic promises can be a sign the person making them is not obligated to assist you and your financial situation. This person is unlikely to provide services that will actually help you.
4 :. "Stop paying your mortgage; your lender will only grant you a
modification if you're three months behind on payments."
Never trust anyone who advises you to stop making payments on your mortgage. This inevitably digs you deeper into past due payments, worsening your situation.
Speak to a Loan Modification Specialist FREE today! Simply fill out the form to the right, or call (866) 583-6379.
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PMC, My brother tells me you might be able to help my husband and I sort through getting our mortgage modified with Wells Fargo. I have been in a never ending loop with them for about 4 mths now and seem to be getting nowhere. He thought you might be able to be of some assistance maybe at least...Read more »
- Sheri
I am quite pleased so far with the attention, diligence and care your company, particularly Angie F., has given my mortgage files and the progress we have achieved up to this point. I have no hesitation in recommending you to others who are looking for a reputable company to assist them...Read more »
- John S
I was contacted by a representative of Principal Mitigation Corporation regarding a loan modification of my current mortgage. I was in a financial crisis that was unmanageable. I was at first apprehensive because I had been granted a modification the year before and was terribly...Read more »
- Patricia
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