If you don’t get the reference in the title watch some old Star Trek, maybe they will reference in the movie coming out today too.
Today we are hearing about Loan Modification and many lenders, attorneys and real estate agents have jumped in with both feet. Loan Modification is important and professional help is no doubt needed by many. But there is a lot of fraud and abuse around the topic too. It is unclear who can do loan modification. People have related to me many bad experiences with loan modification companies and have relayed to me bad and illegal advise that has been give. I no longer wish to promote loan modification. There several reasons for this:
- The price point has not really been set. People are charging radically different fees. The people that do this need to make money I do not blame them for charging, but what is fair? The government’s new plan as announced by our president pays the loan modifier to $500.00 to complete the package and then $250.00 for each of the next two years as long as the loan stays on track. I like the idea of paying people for keeping the loan on track, but I suspect the fee is not enough. There is a lot of work that goes into loan modification. I go to McDonald’s for hamburgers not loan modification.
- I don’t know who is doing loan modification right and who is not. Of course everyone pushing a plan says they are honest and doing it right. As the mortgage, economic and government situation is in a constant state of flux, I don’t think anyone really knows what the “right” way is. To further complicate the issue; each lender, or even department with a lender, has a different approach.
- There are just a lot of crooks out there. Where incompetent stops and crook begins is a tough one sometimes. But in any case I don’t want to be associated with either.
- I am a Realtor. Right now it is tough for Realtor’s, but I want to focus on what I am supposed to be doing. And I want to do what I am doing right.
I used to have a link on my web site for loan modification. But I took it down for all the above reasons. I still give advise to people that ask and can refer you out to someone but I don’t want stake my reputation on their work. I am a co-chair on an upcoming fraud symposium. This is one of the topics that will be covered at that symposium. Perhaps some of these issues will be clarified.
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