Loan Modification Companies cause confusion, causes people to lose their home
wwltv.com has an article about loan modification scams out there. Guys, it’s not that hard really. It’s your home, take control. Spend some time doing research. And doing your own loan modification is a lot easier then you think. But if you must hire somebody, be careful, last I read some 92% of the loan modification companies out there were operating illegally.
King has lived on her property for most of her life, but because of all this, she got a notice of seizure a few weeks ago. Her property goes to the sheriff’s sale on March 18.
“You know, there’s a huge problem right now, with people getting scammed on loan modifications, said Kevin McGill, who teaches at loan modification seminars.
McGill said that, if it’s done right, a loan modification can help. But he warns that residents should be cautious.
“I would say that the majority of companies doing loan modifications are not doing them the right way, including the non-profits, and it’s very unfortunate that it’s taken a bad name, but you have to realize that this industry is only a couple of years old,” McGill said.
And the company that promised to modify King’s loan is now gone.
“I have five kids that I’m taking care of,” King said. “And, you know, it would be pretty hard to get out and try to start over. Where you going to go?”
