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

Rainmaker
197,272
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
246,043
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
247,931
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
246,043
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
916,685
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
Rainmaker
246,043

Gena Riede

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