The Minnesota Home Ownership Center has warned - and will continue to warn - Minnesota consumers about the number of for-profit loan modification companies that are beginning to make their appearance in Minnesota.
NOW, we've received notice that the Federal Trade Commission (FTC) has shut down a number of Loan Modification Companies that were taking advantage of homeowners throughout the country, by falsely claiming to be a part of the HOPE NOW Alliance.
The complete story can be found at the FTC's website, here.
THESE ARE ONLY A FEW OF THE DANGEROUS ORGANIZATIONS LOOKING TO SEPERATE HOMEOWNERS FROM THEIR HARD-EARNED MONEY.
The Minnesota Department of Commerce requires that anyone who engages in the work of loan modifications... attorneys, loan officers, lenders or private individuals... have a residential mortgage originator license pursuant to Minnesota Statutes Chapter 58.
According to the state of Minnesota... individuals offering or negotiating loan modifications are indirectly acting as mortgage originators. Additional information can be found here.
SO… if ANYONE offers to assist you with a loan modification, PLEASE check their license status with the MN Attorney General’s office FIRST.
BUT, WHY PAY FOR SOMETHING, when BETTER services are available free of charge? If you think a loan modification may help keep you in your home, please contact one of our FREE non-profit foreclosure prevention specialists for help.