Don’t pay for a loan modification before reading this.
Perhaps you’ve seen some of the recent advertising from companies who claim they can help you modify your loan if you are not current or expect to not be current soon with your payments. Desperate times call for desperate measures and when times are tough, people will do or try almost anything to maintain status quo. This is understandable but be wary of unscrupulous companies out there charging anywhere from $1,000-$3,000+ to modify your loan. Yes, many of these companies have successfully helped borrowers modify their loans but how do you weed out the scams from the real deal? What if you don’t have any money to pay to one of these companies?
If your loan is on a property in Washington State, there is free help available at homeownership.wa.gov. On their website, there is TONS of free information on the foreclosure process in general. Furthermore, there is invaluable information on loan modification scams. You really need to read this page if you are in trouble with your payments. Most importantly, they have a phone number you can call to get help. The people on the other end of the phone are counselors trained by HUD to help you through your situation whatever it may be. These people have nothing to gain from the advice they give you. They are there to help you stay in your home if that is your desire.
