Are you being Scammed or getting a Free Lunch?

Lately it seems scams are everywhere. Just turn on the news and your going to hear about one scam or another.  They go as high as the government indictments – to Wall Street oversight committees that don’t seem to do any overseeing – to corporate swindlers who walk away with the savings of consumers like you and I.  These scams are everywhere these days.  As I write this advice column to you, I’m waiting for a new credit card to replace the one that some crooks got the credit cards digits for.  Seems these crooks are enjoying a shopping spree in Canada – I live in Southern California - lol.

You have to be very careful with your credit.  Moreover, with your CASH (or equity) you need to be 100% dead-on.  You generally don’t get a second chance to recover cash – credit can be fixed. It's still very painful to fix messed up credit from identity theft, but it is doable. Lost cash is always just lost cash.  Being a veteran of the lending industry for the past 16 years, I’ve seen to much pain caused by people who were swindled.  I’ve seen more in the last 12 months, than I've seen in all the years before that.  Now with these Loan Modifications being so popular and so much in need by us homeowners, that makes us perfect targets … sitting ducks actually, for scammers to come by and take your:

• Transaction Fee;
• 1 and only chance to do a Loan Modification;
• Chance to make your home truly affordable if your Loan Modification was done badly;
• Home;
• And equity that may have quickly come back when the hyper inflation kicks in (this is hyper-inflation concept is a whole other article series in itself)

The stakes are just way to high to be chancing a “FREE LUNCH”.   Face it; we’re wise enough to know free lunches are part of our childhood.  Everything has to make sense. If you need a professional service, then that professional needs to charge a fee.  Of course the fee needs to be reasonable.  Free, is not reasonable.  Most of these Loan Modifications would not have needed to be done, if consumers were not looking for free lunches. "Free Lunches" are how scammers get you to take their, bait, hook, line & sinker.  The “free” anything is what empowers these scammer to draw you in.  Legitimate companies will charge a reasonable fee, the scammer will say it can be done with “No Cost” (the trap is set) and “you choose” to willingly walk into the trap.  Score 1 more for the scammer; it’s just that easy.

This article has been provided by Raj and Ravi.  Raj and Ravi are experts in the lending industry.  They each have at 16+ years experience in the mortgage industry and real estate investing. In addition to consulting their clients in the real estate and lending industry, Raj and Ravi are featured financial columnist for MoneySolution.com .

Click here for a Free Mortgage Analysis from Raj and Ravi.

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