The newest scam mortgage lenders are perpetuating on unsuspecting buyers is costing buyers their homes. Home Affordable Modification Program, otherwise known as HAMP, is a US Treasury program designed to help at-risk homeowners. When done properly, HAMP is a fantastic program!
Unfortunately, lenders have found a way to screw homeowners - while lining their pockets with government funds.
Each homeowner that signs up for the HAMP program generates $1000.00 for the lender. The homeowner is required to make 3 [three] trial payments to satisfy the program requirements before the loan modification is approved. During this time, Lender "loses" the homeowner's paperwork which makes it impossible for the homeowner to complete the modification within the allotted time period. Therefore, an extension is granted, which is considered a new modification -- which means another $1000.00 for the lender!!!
SCAM, SCAM, SCAM.
The lenders are not discriminating based upon gender, race, disability, et-al. They will screw anyone over. It's like a mortgage orgy!
So, how do you avoid it? Keep a copy of every piece of paper you send your mortgage lender and when it is sent. By this I mean, don't send by regular mail. Send so that someone has to sign for it! Or, fax it and get the fax transmittal. Or, if you are emailing paperwork, request a confirmation email and save that email.
The best way to beat the Mortgage Monsters is to DOCUMENT, DOCUMENT, DOCUMENT. For three years I have been keeping a journal - a timeline, if you will - of every phone call to and from anyone having to do with my mortgage. You should, too.
YOU ARE NOT ALONE!!!
For more information on loan modifications, visit FinancialStability.gov
Is it 100,000 or 1,000? I'm confused.
ReplyDeleteone thousand dollars. one hundred thousand dollars x three and four times per mortgage would definitely raise red flags in accounting :)
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