Why You Shouldn’t Pay To Get A Duplex Mortgage Modified

Smiled Business Shark Holding CashIf you’re a duplex owner considering exploring a loan modification, be extremely cautious of companies who offer to help in exchange for a fee.

For an upfront charge of anywhere from $500 to $3,000 or more, some companies will offer to work with lenders to get a duplex owner’s interest rate reduced or loan length extended. And in return, they do little or no work in return.

Many of these companies are located in a state other than the one in which you live. As a result, they may not be familiar with all the laws in your state regarding the foreclosure process.

Worse yet, their “counselors” may not be trained or certified, and therefore may not meet national and state foreclosure prevention service standards.

So where can you find qualified help?

The U.S. Department of Housing and Urban Development (HUD) provides on its website a list of approved non-profit foreclosure counseling agencies by state.

If you’re in Minnesota, one of those agencies is the Minnesota Home Ownership Center, which offers its services to single family and duplex owners facing foreclosure absolutely free.

The Center cautions duplex owners everywhere to seek advice from a foreclosure prevention counselor before signing any papers or making any payments to a company that charges for modification services.

The Center also suggests you contact your state’s department of commerce to make sure the company is licensed to provide services in your state.