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SANTA ROSA, Calif. — With a record number of new foreclosures expected this year, more and more homeowners are becoming desperate to get a loan modification.
So, more and more companies that charge big fees are springing up to offer help. But consumers need to be careful or they will only be buying big trouble.
Last September, self-employed Santa Rosa Electrician John Lima thought he had begun to try to modify his home loan to a lower payment because the recession has cut deeply into the contracting business.
He chose a Santa Rosa-based company called Mod Specialist.
They said that Bank of America is real easy right now to work with and it would be no problem to get my modification,” explained Lima. “They guaranteed that I’d get 100% money back if they couldn’t do anything for me.”
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