Mortgage mods for profit
Monday, July 20
Written 10:45 a.m. EDT
Mortgage rates have held fairly steady since the middle of last
week. The tendency is upward, though. I tweet occasionally about mortgage rate
changes. You can follow me on Twitter at twitter.com/HoldenL
PROFIT AND LOSS: The New York Times's Peter S. Goodman writes about
brokers who are now in the business of negotiating mortgage modifications
for people who are about to lose their homes. "We just changed the script
and changed the product we were selling," one former broker says.
These for-profit debt negotiators want money upfront, and I think most of them
are unreliable. There are HUD-certified nonprofits that will help you negotiate
a mortgage modification, charging little or nothing.
HUD lists its approved
housing counseling agencies.
-- Posted: Jul. 20, 2009