Only a select few homeowners facing the possibility of a San Jose Ca foreclosure actually qualify for a mortgage modification.
Most distressed San Jose Ca homeowners are so far behind on their mortgages that they can’t make their modified payments during the trial period. This means the modifications never become permanent. With so many homeowners shopping for a successful mortgage modification … and so few who actually qualify for a modification … there are massive numbers of struggling homeowners who are susceptible to false promises.
The Obama administration has brought increased attention to mortgage modifications as an alternative to foreclosure. Among the range of foreclosure avoidance options, a mortgage modification can work for distressed homeowners who can afford an adjustment to their monthly mortgage payments.
The federal government has offered incentives for modifications through the Home Affordable Modification Program (HAMP). Many lenders are now responding to the incentives by adjusting their policies on foreclosure avoidance.
Homeowners are not the only ones looking to benefit from the market-wide push to increase mortgage modifications. Scammers and con artists have come up with new and innovative schemes to benefit from vulnerable homeowners. Since 2008, mortgage modification scams have been on the rise, and that rise is expected to continue.
“The FBI is investigating more than 2,100 mortgage cases, up almost 400 percent from five years ago.” US Attorney General, Eric Holder in 2009 .
Scammers are all around us. Don’t let a scammer fool you, or someone you know, into an even worse financial situation by a predatory mortgage scheme. If you have questions about avoiding mortgage scams, or if you need legitimate, professional help with avoiding foreclosure, know that real help is available!
Call Certified San Jose Short Sale Specialist, Kathleen Daniels today @ 1-800-972-1822.Tags: mortgage modification, mortgage modification scams, san jose ca foreclosure, San Jose Ca homeowner