Loan Modifications Becoming the Next Big Scam

By
Real Estate Broker/Owner with Riede Real Estate, Lic. 01310792

Money down the drainOpportunists who want to suck what little money you, the homeowner have left, are calling to HELP with a loan modification.

Are you having trouble paying your house payment?  Many Sacramento homeowners are.  If it sounds too good to be true, it is. 

These scam artist are charging several thousand dollars to do what you can do yourself for FREE.

Yes, many of these people are real estate agents and mortgage brokers hungry for money. These are the same people who put you in the position that you find yourself in today. Don't be fooled!

To find letter examples, qualifications and more be sure to read the rest of this article by clicking, Loan Modification Scams Coming to Sacramento.

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Topic:
ActiveRain Community
Location:
California Sacramento County Sacramento
Groups:
CALIFORNIA REAL ESTATE
Everything California
Posts to Localism
The Ninety-ninth Percentile
Tags:
loan modification
short sale
deed in lieu of foreclosure
hardship letter
scams

Comments 14 New Comment

Show All Comments
Rainmaker
334,601
Ann Cummings
Portsmouth NH Homes - Service With a Smile!
RE/MAX By The Bay - NH and Maine

Hi Gena - excellent information here for those trying to get their mortgages modified.  I think we should all do our part in getting this info out.  It makes me sick to think about those scams that always pop up no matter what's going on.  It's bad enough that people are in rough situations, and then to add even more on top of that with these kinds of scams....bloodsuckers.

Thanks for the video and the links.

Ann

January 04, 2009 09:25 AM
Rainmaker
334,601
Ann Cummings
Portsmouth NH Homes - Service With a Smile!
RE/MAX By The Bay - NH and Maine

PS - that's a GREAT picture for this post - perfect!

Ann

January 04, 2009 09:27 AM
Ambassador
1,804,048
Jeff Dowler CRS
Carlsbad CA Homes for Sale (760) 840-1360
Solutions Real Estate

Gena - this is such important information for consumers to know about. It seems around every corner there is another scammer there to take your money. I see emails all the time in my spam folder from companies like this. Spreading the word is the most important thing we can do, in addition to reporting companies that we come across.

THe other ones that drive me nuts are the companies that want to collect a fee to help consumers apply for a propperty reassessment. Easy to do on your own for free - NO ONE should be paying for this IMO. Plus they tend to imply the reassessments are far greater than reality to hook you.

Jeff

January 04, 2009 09:43 AM
Rainmaker
246,143
Gena Riede
Real Estate Broker - Sacramento CA Real Estate (916) 417-2699
Riede Real Estate, Lic. 01310792

Ann, isn't it amazing how the scam artist come out of the woodwork every time there is an opportunity where they think there is EASY money?  Yes, it does make you sick when you think about how the consumer is at the lowest ebb and hoping for help but looking and listening to the wrong people. By the time they catch all these culprits they will have scarfed up what little money the consumer has left. It's really sad and hopefully those of us that are honest can get the word out before any more of them are taken advantage of.

Ann, yes I think the photo was apropos for this one!

Jeff, you're right reducing homeowner property tax is another one of those ridiculous scams that the public thinks they can't do on their own and pay through the nose for something they can do themselves. Too bad these scam artists can't find an honest job.

January 04, 2009 10:23 AM
Rainmaker
908,291
Bill Gassett
Metrowest Massachusetts Real Estate
RE/MAX Executive Realty

Great article Gena. It seems that there is a scam going for every type of situation whether is be a loan mod, short sale or foreclosure. Every home owner needs to make sure they do their home work.

January 04, 2009 11:38 AM
Rainmaker
246,143
Gena Riede
Real Estate Broker - Sacramento CA Real Estate (916) 417-2699
Riede Real Estate, Lic. 01310792

Bill, isn't it ashame that the consumer can not have ANY trust especially when they are in a vulnerable position? This is such a tough time for so many and to have to add to their burden is unconscionable, in my opinion.

January 04, 2009 11:53 AM
Rainmaker
834,295
Fred Carver-Top Realtor Victoria, BC
Accredited Victoria BC Real Estate Consultant
Re/Max Camosun Victoria BC Real Estate

Hi Gena..It's hard believe people at this time would try and take advantage of others when they are struggling. Having said that it's about greed and that's why we're in a mess. How about Posting  a list of these crooks, ask fellow Realtors, Clients, Mortgage Brokers Banks etc to add to a public list?

Cheers, thanks for sharing your story.

January 04, 2009 12:21 PM
Rainmaker
512,363
Russell Lewis
Broker,CLHMS,GRI
Realty Austin, Austin Texas Real Estate

You know...opportunists never sleep or stop thinking of ways to make a fast buck off of the helpless, the strapped or the unaware and it's terrible that as times get harder more people fall victim to ever increasing scams! Gena, this is so well written and to the point. Great info and thanks for making the effort to inform ALL of us!

January 04, 2009 01:31 PM
Rainmaker
476,374
Barb Szabo, CRS
E-pro Realtor, Cleveland Ohio Homes
RE/MAX Trinity Brecksville Ohio

Gena, EXCELLENT post! Isn't it amazing and horrifying that we (the US) are being attacked in so many ways from across the ocean and from people who truly hate the US, yet there are U.S. citizens who stoop to these new lows and hurt our own people? Thanks for putting this information out there.

January 04, 2009 04:28 PM
Rainmaker
198,347
Chris and Maria Jeantet
Redding CA Real Estate Couple
Coldwell Banker C&C Properties

Excellent - nicely done, I even learned a bunch!!

Maria

January 04, 2009 11:51 PM
Rainmaker
246,143
Gena Riede
Real Estate Broker - Sacramento CA Real Estate (916) 417-2699
Riede Real Estate, Lic. 01310792

Fred, great idea suppling a list of the predators.  The video that I provided shows a few of them but some agents are doing this as well and charging (difficult to track until they are reported) but good idea.

Russell, there are a ton of those type of people who need to get a job and stop thinking of quick easy ways to make money off of other people. I do hope the DA comes down hard on them to help send a message out to the rest that this will not be tolerated.

Barb, unfortunately there are agents and mortgage lender who are part of this...they helped put these people in harms way and now they have their hands stretched out to take more.

Chris & Maria, glad to have helped.

January 05, 2009 10:09 AM
Rainmaker
257,139
Chuck Willman
Realtor - Arizona - 480.292.0600
Gentry Realty

Gena- This is very good and TIMELY information for those who are facing a great challenge in today's market. It's a shame that there are scammers finding their way into it.

January 07, 2009 12:32 AM
Rainmaker
246,143
Gena Riede
Real Estate Broker - Sacramento CA Real Estate (916) 417-2699
Riede Real Estate, Lic. 01310792

Chuck, you are right and it's really up to use to keep these perpetrators in the news, keep our clients informed and keep blogging about it so that they find a dead-end.  It makes me raving me made to see people take advantage of others.

January 07, 2009 11:36 PM
Rainmaker
940,526
Georgie Hunter
Maui Real Estate sales and lifestyle info
Hawai'i Life Real Estate Brokers

What a sad state of affairs for consumers.  This is really bad.

January 08, 2009 09:52 PM
Show All Comments
Rainmaker
246,143

Gena Riede

Real Estate Broker - Sacramento CA Real Estate (916) 417-2699
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