Foreclosures: Beware Of Scam Loan Modification Solicitors
By Janet Peterson on April 17, 2010, 7:41 am Posted in Finance NewsA lot of people are falling for vicious foreclosure and loan modification scams. Companies like Chase (NYSE:JPM) will tell their clients over the phone that they can modify their loan if they simply stop paying for their mortgage, but unless you have something in writing from the bank that certifies you are undergoing a loan modification, the bank can exploit your situation, and even foreclose.
Foreclosures More Common
In a time where foreclosures are more common than ever, banks will do anything they can to get a bit of extra pocket money, without actually truly caring or helping for their customers. Even if you fall victim to a bank’s loan modification scams and they foreclose on you, top economists and financial advisors recommend that you don’t go in it alone.
Western Washington
Out of all of the areas of the United States, no place is harder to get a legitimate loan modification than Western Washington. Ever since the notorious takeover of WAMU (Washington Mutual) (NYSE:WM) by CHASE bank, the policies that once allowed for easier loan modification have remained all but the same. CHASE’s bank president has refused to answer many comments from journalists, and assures that CHASE will do anything it can to ensure that its customers are protected, though top advisors offer the fact that CHASE itself cares nothing for its customers, and would rather use its pocket money to fight lawsuits than win over customer trust, or make long-term connections with their clients.
Problems
Despite the controversy, the fact still remains that foreclosure is a huge problem. Financial advisors recommend that you go see a lawyer who specializes in loan modification issues and foreclosure. They are literally available in every state, and commercials for their services are common during cable news breaks. The general consensus provides that you shouldn’t be defending yourself from a bank singlehandedly, get professional help. Even though the economy is looking good, bank exploitation of the poor housing market will remain a tangible threat.
Related posts:
- Home Foreclosure Process Better Financially – For Lenders, Servicers
- Home Foreclosures: Stocks Rise With Report Of More Sales, BOA Falls
- Bank Of America Issues Foreclosure Stop Order For 50 States
- Foreclosure Epidemic Stemmed Using Court-Ordered Mediation
- Bank Of America Resumes Foreclosures As They Announce $7.3 B Loss
