What To Do If Your Mortgage Is Upside Down
With the real estate market falling over the past six years, many people fell victim to
being in a upside down mortgage.
They bought at the real estate peak paying top
dollar, and now their homes are worth far...
More
What To Do If Your Mortgage Is Upside Down
With the real estate market falling over the past six years, many people fell victim to
being in a upside down mortgage.
They bought at the real estate peak paying top
dollar, and now their homes are worth far less then what they initially paid for them.
If you were one of these consumers who owed more then what your home was
worth, you might have been given bad advice as to a possible solution.
There were
many scam companies that popped up overnight claiming that they could modify the
mortgage, lowering your interest rate and reducing the principal balance on the
loan.
They claimed to have inside connections at the banks, which was untrue.
All
they were doing was submitting a modification and hardship request to the bank on
your behalf, and charging thousands of dollars to do so.
The consumer could have
done this instead, but these companies made outrageous claims, often taking money
and never communicating with the homeowner again.
Wh
Less
