Hawaii Randy's Real Estate Opinions: October 2008

Mortgage Modification – Be Very Careful

With all of the folks in financial trouble and the numbers of home owners upside down (owe more on their mortgage can they can sell the home for), a new industry and many new scams are popping up.

Mortgage modification, renegotiation or restructuring is the new buzz.  Franchises are being sold, seminars are being held and spams are flying around the internet.  The next wave of prosecutions is probably a year or two away, once enough of the public are taken advantage of.  I am sure there are legitimate companies out there, but the public better beware.

If you are in a desperate situation and you need to either restructure your mortgage or go into a short sale or seek some other form of relief; be very, very careful.  There are charlatans are every corner.  Beside the "We Buy Homes" scammers there are several new groups popping up including "Mortgage Modification Services."   I am sure there are some professional organizations that are good at what they do.  There are many, many more scam artists looking to take money from you.

Yesterday I attended a seminar hosted by a local escrow office.  Once it began we quickly realized it was a sales pitch for a service.  The service actually operates out of state and claims to be utilizing attorneys.  Being out of state puts them out of reach of our state regulatory agencies.  The very same problem we run into with out of state lenders.  If they do something improper, you have very little recourse.

If you are in this situation and need legal advice seek a local attorney. 

If you need Hawaii real estate advice, give me a call or an e-mail.  If I can not help you, I can point you in the right direction.  What ever you do be careful and look for the appropriate professionals.

 

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Randy L. Prothero, REALTOR®

Principal Broker, ABR, AHWD, CRS, e-PRO, GRI, MRP, SFR

Island Style Realty Inc.

Team Leader - "The Prothero Group"

Randy Prothero is well established as an expert in working with military / VA clients and first time home buyers.  His home seller's (listing) campaign is one of the most aggressive marketing programs in the area.

Based out of Mililani, Hawaii. Randy services the island of Oahu (Honolulu County) Performs mediations and ombudsman services for the Board of Realtors.  To improve overall professionalism in his area Randy also offers classes for real estate agents. 

www.HawaiiRandy.comOahu (Honolulu County) Property Search  Hawaii Military Relocations

Comment balloon 36 commentsRandy Prothero • October 17 2008 12:22AM
Mortgage Modification – Be Very Careful
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