This week I have had several conversations with a friend who was trying to do a loan modification. I am not a lender so all I can do is listen and refer to people and places that I think might be helpful. What got my attention is that this person is a great example of "American Joe" who does not have a finance, lending or real estate background. In our conversation I discovered that he is being scammed by some company out there charging a large upfront fee for a possible modification but no guarantees. When talking to companies some will say the fee is for an attorney. That is different than pre-analysis of a loan modification charge.
There is not a charge to check if your loan can be modified. If you use the HUD backed Housing Counseling Agencies to do it it costs nothing. This is an example of what tax dollars pay for.
What is sad and frustrating to me is that regulated industries here in Colorado (real estate, mortgage, insurance, etc.) are doing our best and companies like this that are supposedly helping consumers are not and do not have to be regulated. They are not lenders. Beware as a home owner that
Here are some websites to use to get more information and/or you can call your attorney for answers on your particular situation.
HUD Approved Counseling Agencies in Colorado
I am sure there are more but felt it is important to raise the issue and add to resources as we go.
About the Author: Kelly Young
- Author's website: www.sellmyhomeincoloradosprings.com
- More posts by Kelly
- email the author
Kelly is an Associate Broker with Red Rock Realty. She has over 12 years experience in Real Estate in the Colorado Springs and Front Range region of Colorado. She represents buyers and sellers of real estate buying homes, land for sale, mountain getaways. Specific areas include: Black Forest, Broadmoor, Colorado Springs, Divide, Falcon, Downtown, Manitou Springs, Monument, Old Colorado City, Westside, Woodmen Hills and Woodland Park. You can reach her at 719-226-0126 or by clicking "email the author" above.
