In the last few years, outfits have popped up offering home owners "forensic loan audits." They say they'll review the homeowner's mortgage loan documents, establish whether the lender complied with federal and state laws and speed up the process of requesting a loan modification.
The truth is that even if the audit reveals errors in the loan documents, the process very rarely results in a loan modification or rescind.
Even worse, scammers often make false promises that they will secure a loan mod, principal reduction or have the loan rescinded. Then they just string homeowners along or simply disappear. Here's how to protect yourself:
Fortunately, free, legitimate help is available from the not-for-profit Homeownership Preservation Foundation. Call 888-995-HOPE (toll-free) or visit: http://www.995hope.org. The Department of Housing and Urban Development (HUD) also lists by state legitimate housing groups that help homeowners. Visit: http://portal.hud.gov/hudportal/HUD?src=/topics/avoiding_foreclosure/local
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