Recently, there has been another scheme put into place by people that want to steal your money; they are called mortgage audits. The FTC and many Better Business Bureaus have been receiving complaints.
Yes, there are good mortgage audits. So how do you tell which ones are bad?
- Upfront Fees
- Promises to stop Foreclosures
- Promises to speed up loan modifications
- Promises to reduce your monthly payments
- Instructions to stop talking to your lender
- Don't let a warning about using caution before picking a mortgage audit company fool you, many of the bad companies include this.
If you decide that you are interested in doing a mortgage audit, think about working with a lawyer. They may already be using a reputable company and your risk decreases significantly.