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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loan modification
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Rainmaker
335,328
Ann Cummings
RE/MAX By The Bay - NH and Maine - Portsmouth, NH
Portsmouth NH Homes - Service With a Smile!

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

Jan 04, 2009 09:25 AM #1
Rainmaker
335,328
Ann Cummings
RE/MAX By The Bay - NH and Maine - Portsmouth, NH
Portsmouth NH Homes - Service With a Smile!

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

Ann

Jan 04, 2009 09:27 AM #2
Ambassador
1,891,520
Jeff Dowler CRS
Solutions Real Estate - Carlsbad, CA
Carlsbad CA Homes for Sale (760) 840-1360

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

Jan 04, 2009 09:43 AM #3
Rainmaker
246,193
Gena Riede
Riede Real Estate, Lic. 01310792 - Sacramento, CA
Real Estate Broker - Sacramento CA Real Estate (916) 417-2699

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.

Jan 04, 2009 10:23 AM #4
Rainmaker
913,796
Bill Gassett
RE/MAX Executive Realty - Hopkinton, MA
Metrowest Massachusetts Real Estate

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.

Jan 04, 2009 11:38 AM #5
Rainmaker
246,193
Gena Riede
Riede Real Estate, Lic. 01310792 - Sacramento, CA
Real Estate Broker - Sacramento CA Real Estate (916) 417-2699

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.

Jan 04, 2009 11:53 AM #6
Rainmaker
873,222
Fred Carver-Top Realtor Victoria, BC
Re/Max Camosun Victoria BC Real Estate - Victoria, BC
Accredited Victoria BC Real Estate Consultant

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.

Jan 04, 2009 12:21 PM #7
Rainmaker
514,825
Russell Lewis
Realty Austin, Austin Texas Real Estate - Austin, TX
Broker,CLHMS,GRI

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!

Jan 04, 2009 01:31 PM #8
Rainmaker
487,151
Barb Szabo, CRS
RE/MAX Trinity Brecksville Ohio - Cleveland, OH
E-pro Realtor, Cleveland Ohio Homes

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.

Jan 04, 2009 04:28 PM #9
Rainmaker
219,364
Chris and Maria Jeantet
Coldwell Banker C&C Properties - Redding, CA
Redding CA Real Estate Couple

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

Maria

Jan 04, 2009 11:51 PM #10
Rainmaker
246,193
Gena Riede
Riede Real Estate, Lic. 01310792 - Sacramento, CA
Real Estate Broker - Sacramento CA Real Estate (916) 417-2699

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.

Jan 05, 2009 10:09 AM #11
Rainmaker
271,518
Chuck Willman
BuyLowAZ - Mesa, AZ
Realtor - Arizona - 480.292.0600

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.

Jan 07, 2009 12:32 AM #12
Rainmaker
246,193
Gena Riede
Riede Real Estate, Lic. 01310792 - Sacramento, CA
Real Estate Broker - Sacramento CA Real Estate (916) 417-2699

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.

Jan 07, 2009 11:36 PM #13
Rainmaker
985,759
Georgie Hunter
Hawai'i Life Real Estate Brokers - Haiku, HI
Maui Real Estate sales and lifestyle info

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

Jan 08, 2009 09:52 PM #14
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Rainmaker
246,193

Gena Riede

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