I just received a very official sounding recorded message informing me that President Obama has a new program to help save my home–it’s NOT a refinance. If my rate is over 7% or if I’m falling behind on my mortgage, I can be helped. If I press 1, I’ll be connected immediately to a Restructure Specialist. I’m feeling feisty…so I press 1.
Immediately a polite gentleman boldly answered my questions.
Are you or do you represent my mortgage company?
No. We’re a loan modification company.
If I understand Obama’s plan correctly, shouldn’t I call who I make my mortgage payments to for a modification?
Well you can, but the clients help receive better results.
Great! Do you do this service for free?
No. We don’t.
Why would I pay you for this when I can call my mortgage servicer and do this for free?
Because you charge for our expertise.
How much does your expertise cost?
We have two convenient mortgage plans. You can either pay $1899 or three installments at $699 each.
How did you get my phone number? I’m on the do-not-call list.
Our marketing department is calling everyone across the country with mortgages.
I couldn’t take it anymore. I let him know that I was a Mortgage Originator who is versed on The Affordable Home programs and that I don’t condone this type of soliciting. He told me he’s a mortgage originator too and then slammed the phone down in my ear.
There must be significant money in this industry to allow these companies to employ these solicitors. I hope our State is agressive in regulating the loan mod industry to protect home owners from predatory actions.
The recorded message on this phone call sounded so legitimate, I believe that people who are in desperate need of help would think it was coming from the Government. If I didn’t have my background, and would not have known what to ask the gentleman on the phone, I’m sure he wouldn’t do anything to change that image.