Report: Loan Modification Scams Common
People seeking loan modifications beware — most of the companies that offer them are not licensed, and some are set up just to steal cash.
Over a six-month investigation, 5 Investigates found dozens of people victimized by scam loan modification companies.
Fernando Sanchez was one of the victims. He was barely making ends meet when he heard about an opportunity to reduce his mortgage, from $2,300 per month to $900 per month.
“They told me to go to this meeting to see what it was about … and these people allegedly have an attorney and a translator,” he said.
Sanchez paid $1,000 to sit in a garage in a residential neighborhood set up with tables and chairs for the meeting. The attorney charged $6,000 for the loan modification.
To read the full article go here to kpho’s website.
