The Loan Mod Squad: A Request to Business Desk Readers

BY Paul Solman  December 28, 2010 at 12:53 PM EST

Paul Solman answers questions from NewsHour viewers and web users on business and economic news most days on his Making Sen$e page. Here’s today’s query:

Name: Toby Hanna

Making Sense

Question: 
I purchased a house in 2006. A year ago I tried to get the loan modified with the help of a modification company that cost me $2,000. Bank of America sent modification papers in September and canceled the modification before we could sign the documents. I have had to relocate due to employment. Is there anything I can do to keep my home? I want to keep my home.

Paul Solman: This e-mail raises an issue we’ve been wondering about: “loan modification companies.” The word that springs to mind for many of them is “sketchy.” (If the more accurate term isn’t “fraudulent.”) So let me ask you: Do any of our readers think they’ve been victimized by “loan modifiers” who take the money and run, without getting any modification at all? Please contact us.


This entry is cross-posted on the Making Sen$e page, where correspondent Paul Solman answers your economic and business questions _Follow Paul on Twitter._