Joshua Z. Goldblum, Attorney at Law
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Mortgage loan modifications: Real help versus scam

Mortgage loan modifications can help homeowners who are struggling with mortgage payments. Depending on your situation, a modification might reduce the amount you pay each month or help you catch up on portions of your mortgage that are past due in a way that is in keeping with your budget. While these modifications can offer real help, the fact that they exist creates an opportunity for scammers.

Scammers get information about homeowners who are near foreclosure from a variety of sources, including public filings about lender intent to begin foreclosure paperwork. Scammers then use this information to contact homeowners with what seems like a legitimate offer of assistance. During the process of the modification, scammers either ask for funds up front or steal personal information for identity theft.

In some cases, even a legitimate lender could offer an actual modification, but that modification might not be in the best interest for the homeowner or situation. Most lenders do try to work with homeowners, but lenders can't always approve modifications due to income and other requirements.

Our firm works with you to understand your situation and to help determine if a mortgage modification is the right step for you. In some situations, a modification simply puts the inevitable on hold. If you have other debt issues, then you might still be unable to make your mortgage payment after a modification, putting you back at foreclosure risk within a few months.

In working with you, we can help you understand what all your options are so you can pick an informed path. It might be that bankruptcy is a better way to save your home from foreclosure than a simple modification.

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