Loan Modification - Frauds and Follow Ups

Since I wrote about loan modification some time back. (http://consumerzoneblog.blogspot.com/2008/10/loan-modification-reduce-monthly.html)

I was thinking should not banks be making it much easier to do loan modification? Why ? Because they want our interest money. They do not want to foreclose our house. And guess what, just some time back I saw this announcement from some of the biggest US banks.

http://money.cnn.com/2008/10/31/news/companies/jpmorgan_mortgage.ap/index.htm?postversion=2008103114

It says JP Morgan will modify mortgages. They would like to avoid foreclosures of about $70billion worth loans !!

They are going to open couple of counselling centers across the nation and provide most needed to relief to their customers . The most hurt are the customers who had ARM loans, which has adjusted to a very high APR in recent times.

So now that banks are making it easier to do Loan Modification, there is still no limit to scam artist would do to part you with your hard earned money. One simplest thing to keep in mind is, anyone offering help for upfront money are worth keeping away from. Actually better yet, just run away from them.

There is this article that talks about simple steps you may take yourself to apply for loan modification of you bank does not have any direct program.

http://www.zillow.com/blog/mortgage/2008/10/25/the-new-breed-of-scam-artists/