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Mortgage Modification Guidance

Posted by Larry Doyle on March 14, 2009 12:00 PM |

There is little doubt that there was massive fraud perpetrated by unsavory and unethical mortgage brokers during the housing boom.  I do not mean to paint all mortgage brokers with the same brush. As with any industry, there are a tremendous number of highly ethical people working hard to make an honest living. Regrettably, not everybody falls into that camp.

Our economy would be well served if both local and federal authorities worked harder to expose the criminals in the system, indict them, prosecute them aggressively, and make them pay a very stiff price for their actions.

Not too surprisingly, some of the same ilk that wrote fraudulent mortgages are now populating the mortgage modification industry. People need to be exceedingly careful in engaging those who seem to want to help them modify their mortgage.

From my perspective, for those eligible for modification, the ability to get that done should not cost anything. The first stops should be to the institution that wrote your mortgage and to the outfit servicing your mortgage. I always strongly recommend people to get a name, number, and e-mail of an individual who is willing to take ownership of your case. Without somebody owning your case, the chances for reams of red tape increase dramatically.

The originator and servicer should provide the bulk of necessary assistance. If you do not feel you are receiving proper attention, please access the FREE information embedded in this piece from today’s WSJ, Housing Plan Creates Opening for Scammers.

Access info at, www.hud.gov and the Hope Hotline, www.hopenow.com

Additionally there are plenty of free resources in our right sidebar for Mortgages and Debt Management.

Don’t get caught “coming and going” in the world of mortgage finance.

LD






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