A Guide to Dealing with Loan Servicing Scams

[Serenity]

Found this great guide someone came up with. I've just listed the points, but if you read the pamphlet, he explains his reasons behind each. I like what he's advising.

A Guide to Dealing with Loan Servicing Scams


1) Put away at least 2-3 months of house payments
2) Get off the D*** phone – do EVERYTHING in writing
3) Use USPS return receipt mail for everything
4) Don’t use their website for anything
5) Don’t use pay-by-phone or “quick pay” services
6) Get organized and never throw anything away
7) Don’t wait for a coupon on monthly statement.
8) “Save your home” offers, “Credit Repair” and “Consumer Credit Counseling” services are scams
9) Get a printed accounting of your loan every year
10) Never reveal personal, financial, or health information
11) Don’t be too proud to ask for help
12) Consider alternatives carefully.

[evel1999]

That is some good things to think about.

It is always good advice to have payments saved up. These adjustments are so hard on our budget .

I do agree on everything in writing. I have gone the fax route and telephone route. They are right. That does not work, as I have experienced that first hand myself.

Using return receipts by mail or fed-x is the way to operate. I have found this out the hard way.

Don't use the web site. I have paid my payments on line before but it was before I started working on a Loan Modification. It cost extra to pay that way so best to save that money I guess.

No payments by phone - If it is concerning a Loan Modification from my own experience it is best to find another way to make the downpayment on the loan modificaiton. (They will apply the payment to your account, so best to get a bank check or money order and mail it in listing it as the downpayment on the modificaiton).

Get things in order - This is so true. I have had to go back and go over what I have sent and try to get it straight. Do this from the start and it will help you very much.

Don't wait for statement - check everything that you do by phone immediately after you do them(or within a day or two if they have to have time to post it) because if you wait on the statement, you will not know what has been done on your account. So true.

Get a print out of your account each year - Yes We have read so much lately about errors on accounts. We must stay on top of our account and make sure everything is being applied correctly and try to correct it as soon as possible if it is not.

Do not tell personal, financial or health information.

Need advise about this one.

When you apply for a loan modification they ask for financial information, income, and for you to write a hardship letter. When you do this, you are telling personal, financial and probably health information if you are asking for hardship due to illness.

How do you keep from giving this information if you are trying to get a Loan Modification?

[Serenity]

Originally Posted by evel1999

Do not tell personal, financial or health information.

Need advise about this one.

When you apply for a loan modification they ask for financial information, income, and for you to write a hardship letter. When you do this, you are telling personal, financial and probably health information if you are asking for hardship due to illness.

How do you keep from giving this information if you are trying to get a Loan Modification?

I've been thinking about this one too. I believe though, that the guy who came up with this list was not speaking specifically of going through the loan mod process. He's talking about how to be careful dealing with your loan servicer overall. General guidelines. Once you're into the loan mod process, some of the guidelines change - like this one. I can't see a way around writing a hardship letter that doesn't include financial or personal information...those are the hardships afterall.

Just my take on it...