12/30/2023 0 Comments Synergy one lending bbbThe Office of the Comptroller of Currency (OCC) points out that these scam artists may use such terms as “federal,” “TARP,” or other words or acronyms related to official U.S. Homeowners can quickly learn the legitimacy of a company by doing a quick internet search, and/or by contacting their lenders. Some are even becoming bold enough to use federal emblems or logos on fake websites they build to reel in unsuspecting homeowners. Scammers are becoming very savvy in seeking out their victims and using official-sounding names like the one used in the quote above. Well, that sounds official, right? This is where Google could be a homeowner’s best friend. “Hi, I’m with the Federal Homeowners Assistance Bureau and I was told by your lender to contact you regarding your delinquent mortgage.” “Well, they kinda sound like a legitimate agency” Then they’ll tell the homeowner that if they win, the lender must modify the loan to make the payments more affordable. These so-called forensic auditors are known to tell homeowners that they can sue their lender based on errors in their loan documents. This is even if they’re conducted by a licensed, legitimate, and trained auditor, mortgage professional or lawyer, according to the FTC. The best way to spot and avoid these fraudsters is to understand their false narrative.įirst, homeowners should know that there is no evidence that forensic loan audits will help them get a loan modification. The Federal Trade Commission explains that these “auditors” may tell the homeowner that they can use the audit report to avoid foreclosure, accelerate the loan modification process, reduce loan principal, or even cancel the loan. They claim this determines whether their lender complied with state and federal mortgage lending laws. They may offer to review a homeowner’s mortgage loan documents. Regardless, they are as crooked as they come. That’s so professional-sounding, it’s no wonder they are often able to dupe even the most astute homeowner. They say they are supported by forensic attorneys. Then there are so-called forensic loan auditors mortgage loan auditors, or foreclosure prevention auditors. Homeowners in debt to their lender should pay the lender, not some stranger. Also, these scammers can be so egregious as to ask the homeowner to pay whatever mortgage payment they can muster up directly to them instead of to the lender.ĭing, ding, ding, ding, ding. Red flags about these scammers include them insisting the homeowner not contact anyone about the agreement they are trying to reach with the homeowner. These people are notorious for taking your money and then running off. So, homeowners who encounter people who say they can help them, as long as they pay, should run for the hills. Department of Housing and Urban Development. This, in itself, is ridiculous, because homeowners can receive such counseling for free by simply contacting the U.S. It promises to help the homeowner obtain a loan modification for an upfront fee. Perhaps the most prevalent scam entails a so-called agency. Now that you understand what loan modifications are, let’s look at some of the most common scams run by these low-lifes. They may also require proof of income, recent tax returns and bank statements. Homeowners may have to provide their lender with documentation of that hardship.įor example, if the hardship is the result of a job loss, the homeowner may have to furnish the severance letter. Seeking the help of a counselor is the first step.Įligibility requirements include showing proving financial hardship. Homeowners should be clear on whether or not they qualify for loan modifications. Some modification plans may also extend the length of the term of the loan. For example, the modification might convert the rate from fixed to variable. Loan modifications can also entail conversion of the interest rate to one that is more financially feasible for the homeowner. Those terms include a reduction of the interest rate and/or monthly payment. One of those options is loan modification.Ī loan modification plan permanently restructures a mortgage by changing its terms. Homeowners who fall behind on their mortgages have several options to avoid losing their homes. Before we go into the loan modification scams that plague homeowners, or the tips to avoid them, let’s first go over what exactly loan modification is.
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