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Avoid Falling Victim To Loan Modification Scams

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Jan 26, 2009 2:41 pm US/Pacific

Avoid Falling Victim To Loan Modification Scams

LOS ANGELES (CBS) ― If you are facing default on your home mortgage payments and get approached by a person or company that offers to help you, there are several steps you should take to avoid being scammed.

First, check that the company or individual is licensed real estate agent or broker. This can be done online at the Department of Real Estate site or by calling (916) 227-0770.

Secondly, homeowners considering hiring someone to help them work on a loan modification for their home should check the companies advance/fee license fee agreement online before any money is exchanged.  

Also, look into obtaining some free legal advice. The Legal Aid Foundation of America  is one service that offers free legal assistance to homeowners.

Watch the story in the video player for more information.

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