7 Businesses To Watch Out For
Help Modifying a Mortgage
Desperate times can drive people to desperate measures, which explains why thousands of Americans have paid lots of money to companies who say they can adjust their mortgage payments and save their homes from foreclosure. “People give them money, and nothing happens,” says Gary Almond of the Better Business Bureau of Los Angeles. Almond says they’ve received 74 complaints and more than 11,000 inquiries about the Federal Loan Modification Law Center based in Irvine, California, since last fall. Many complainants told the BBB that they paid thousands of dollars based on convincing sales pitches from company workers who did not follow through on their promise to modify mortgage payments. Bill Anz, managing partner at the Federal Loan Modification Center, attributes the large volume of complaints to the fact that they handle a large volume of modifications and operate in 50 states. “We take the hit because of sheer size,” he says. Anz adds that they won’t engage with a customer who is not qualified for a modification in the first place, and that refunds are issued to unsatisfied customers.