There has been an abundance of news coverage on loan modification scams which have been going on for some time now. The homeowner in distress and fear of losing their home pays a loan modification company (in most cases $3000.00) to “represent” them and handle the loan modification process. They are told to ignore the correspondence from the lender and “wait it out” as it can be a long drawn out process. Meanwhile the unscrupulous “loan mod” company finds more victims and eventually disappears with everyone’s money.
This has caused the Arizona legislature to pass a bill requiring loan modification companies to be licensed by July of 2010. This is a necessary step to protect homeowners that are not able to use the free do it yourself loan modification programs available.
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