I am very thankful that my girlfriend Melodious made this information available for a re-blog.
I received an interesting call from my mother two days ago. She had been contacted by someone regarding her mortgage. He told her she could get a loan modification and here is how, "Don't pay your mortgage. When you receive a letter from the lender regarding the late payments I will contact them on your behalf. They will make arrangements to modify your loan. My fee is $299, but you will save at least two months of regular payments."
My heart sank. I asked, "Are you late? Why did this person call you?" She explaned she hadn't been late but has an ARM (adjustable rate mortgage) and he mentioned he knew. My question is how did he know? He also told her the rate was about to go up.
I am glad she called to let me know about the latest scam. She was smart enough to ask him to send an email regarding the conversation. He was dumb enough to do it. She sent a forward to me and I am going to report him at the highest level of authority I can find.
If you are late on your mortgage payments, ARM or not, there are professionals that can help you. Seek the advice of your local Realtor. Don't believe you can scam your lender with the help of someone who sounds like they know how.
Thanks C, I hadn't seen this one. You are letting your serious side take over again. Just saying.
Plus you haven't visited me in days.
Thanks for the re-blog.
Susan, my love. hubby is home on vacation. Sorry I have not visited you as much as I would love to. We have been trying to figure out how to fit him into the little minion's routine (LOL). It's a whole new world to be home all day with the wife and both kids (LMAO). Poor, poor Mikey. I think we all have to get used to it now. Maybe I should be saying "poor me." ;-)
Melodious, you are very welcome. Thank you for sharing what happened with your mom. People need to know there is some hinky stuff going on out there and they should be very careful with their assets.
I appreciate it! Mikey will learn just how much energy it takes to manage minions!
Carolyn and Melody - Most title companies can generate a list of home owners with ARMs. Around here, the list is generally inaccurate. As for their advice, there are sharks everywhere.
LOL @ Melodious. ;-)
Thank you, Fred. :-)
Preying on older Americans or owners in distress should be punishable by letting Mel and C. have at them.......
I second Julie! We could tie them to chairs and let the minions loose in a really tiny interview room (LOL). Hint: I'm not talking about my "little" minions either (ROTFL). I've got BIG minions too. I shall have to blog about my law enforcement peeps. ;-)
Carolyn,
When a mortgage with an ARM is recorded as public record it often contains an ARM addendum...this info is available publicly to sincere and scammer alike!!! But in reality that ARM mortgage, if adjusting soon, will probably bring good news...as most indexes are at historically low levels...!!! JMHO, Thanks, Fran
Thank you, Fran. Most people I know are clamoring for fixed rates because of the possibility of a future rise. Wonder what we will get down the road...
Carolyn,
I won't be surprised to see rates below 4%...who will qualify for those rates however is another question...appraisals, home equity, and income are the three hurdles to overcome...a new wave of refis, however, could spur an attempt at a real estate recovery...!!! We'll see...!!! Thanks, Fran
Fran, from your lips to God's ears. I am very hopeful, my friend. :-)
C,
Just another example of somebody looking to make a quick buck at someones expense.
@Fran,
Thanks for the clarification
Don, I was a bit disturbed to read someone would do this but it seems that is has been going on for a while.
Carolyn, I instantly thought of my parents, who don't have a mortgage but who are 85 and 86 and although they haven't fallen for any scams, I still worry because these scammers seem to able to get a hold of more and more information every day.
I know what you mean. I had to tell some of my elders not to touch a reverse mortgage. That money being taken out of their home is not free. It has to be paid back. If they want to leave the house to their kids they are creating debt for them.
That's a new one on me, C. Nobody should ever stop making mortgage payments unless that person is ready to accept foreclosure, if it happens. There are so many scams out there. I'd like to think that elderly people and the naive have a person they can trust to talk over such proposals before hastily agreeing to such a thing.
Little sister - There is so much of this going on in Las Vegas and the fees go from 200 to 1800 dollars, very good post and great answer. Contact your Real Estate Agent.
Read this one the other day, it was certainly worth the reblog.
There as certainly some nasty ass people out there. Like times aren't hard enough. Unbelievable.
Elizabeth, there is a lot of that going on up here and it is really making our jobs very difficult because sellers are playing games with their homes on the market (to hedge their bets in case the loan modification does not go through). I presented 8 offers on a pre-foreclosure that the seller never intended to sell. Wasted my time, money and talent. I have to bite my tongue now (LOL).
Thank you, Robert.
Lisa, I was up in arms when I read it.
JL, I'm with you. Definitely worth the re-blog.