A HAMP loan modification can be a non-bankruptcy alternative to stop a foreclosure, or part of a bankruptcy strategy. While much is written on "HAMPs" I wanted to warn consumers about shady practices from some "fly by night" HAMP assistance companies.
Bottom Line: HAMP loan modifications were designed to be completed between the current borrower and current lender without a fee, and without a third party.
Exception: Because most bank's are not staffed to process these loan modifications ( and it goes against their business model) they are not very good at it. If you cannot wait, call me and I will try to find you a local attorney that can process your HAMP loan modification.
Ryan Ruehle 513-621-0999
P.S. Never allow non-local service companies to withdraw automatically from your bank accounts. If a business is legitimate, there is likely someone locally providing the same type of service; someone who cannot merely hide behind a disconnected phone after they have ripped you off. Face to face and local helps prevent consumer fraud.
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Valuable information, Ryan! Thanks for sharing. Face to face always seems to work the best for a lot of business issues. It's a shame to hear that scam artists are working in this manner. Education seems to be the key.
ReplyDeleteThanks again,
Chrissann Ruehle
www.completebusinessstrategies.com
You're absolutely correct, Ryan. If a borrower decides to take help of the Home Affordable Modification Program to modify his or her home mortgage, he/she won't have to pay any fees to the lender. Moreover, it's not necessary for them to go to a third party for negotiation with the lender regarding Home Affordable Modification Program. It is the third party negotiators who actually demand money for their services and most of the times it has been found that they turn out to be scams.
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