Are Loan Modification Companies Legitimate?

How can I find out if a Loan Modification company is legitimate or not.? I am currently speaking with Hopenowmod and I want to make sure that I am not getting scammed.

1 Answer

I hope I'm not too late to help.

First of all, there is no such thing as a "Loan Modification" Company. These outfits sprung up overnight during the last year and are, for the most part, bilking homeowners out of $3,000 or more sometimes. Most want their money up front no matter what the charge.

Clue No. 2: If Hopenowmod is not a scam, they are, at the least, being deceptive in using "Hope Now" in their marketing. The Hope Now or Hope for Homeowners program is a legitimate but largely failed attempt by the government to induce mortgage lenders and servicers to modify mortgage loans for distressed homeowners.

The people with whom you are conversing have two strikes against them: They are calling themselves a loan modification company and they are plagerising the name of a legitimate (cough, cough) program. This is deceiving at best in my opinion.