The Loan Mod Squad: A Request to Business Desk Readers
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
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.â€¨