The California Dept. of Real Estate recently issued the following practical advice to prevent consumers from falling victim to a scam:
•Never pay an upfront fee for loan modification services. Such fees are illegal.
•Watch out for promises of guaranteed success. No one can promise that a loan modification will be successful.
•Ask questions, get referrals from people you know and trust, and always remember the following: If it seems too good to be true, it probably is not true.
•Contact a HUD-approved counseling agency that can provide loan modification services for free.
•If you have been a victim of a loan modification scam, report it to the DRE, the FTC and the Attorney General
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