A loan modification is a change to the original terms of your mortgage, typically due to financial hardship. The goal is to reduce your monthly payment and this can be achieved in a variety of ways. Your lender will calculate a new monthly payment based on amendments made to your initial mortgage contract.
· She said it was placed there due to the terms of my loan modification in 2012. I told her that I wasn’t aware of the lien, and asked her if I would have to come up with this $75,000 payment when I sold or paid off my house.
Reputable credit counseling organizations can advise you on managing your money and debts, help you develop a budget, and offer free educational materials and workshops. Their counselors are certified and trained in consumer credit, money and debt management, and budgeting.
Following are six red flags identified by loan modification scam Alert TM, a national public education campaign that Freddie Mac co-chairs, to indicate that you may be dealing with fraud: A company/person asks for a fee in advance to work with your lender to modify, refinance or reinstate your mortgage.
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At the event loan modifications were done at no charge by HUD approved counselors. There is no need to pay a fee to so called "loan modification experts" that you see on the internet and on YouTube.
Loan modification scammers are targeting you. To counter this, HUD has launched a new public awareness and enforcement campaign specifically targeting loan modification scammers, calling on the general public to take three specific actions: "Know it.