If you are in the process of doing a loan modification or considering one, know this:
1) You can do it yourself; yes, it's tedious and time consuming, but it's also free
2) It's illegal for any loan modification company to charge you an upfront fee
3) Never transfer the title of your home to anyone
4) Never pay your loan payment to anyone but your lender/loan servicer
5) Never sign any documents without reading them first and if possible, have everything reviewed by an attorney
The source of these tips and for more information, contact the CA State Dept. of the Attorney General: http://ag.ca.gov/loanmod/
Tuesday, February 22, 2011
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