I am writing on behalf of my mother in law. She was in the hospital and have fallen
behind ONE MONTH on her second loan mortage with this "COMPANY". Last week she was very exited because Specialized Loan Serving send he a "Loan Modification Offer" that will lower her 12.000% interest rate to 5%, cutting her monthly payment in half. After reviewing this "Modification Loan papers" The original principal amount is for around $37,000.00, they state that with the new loan will go up to roughly $67,000.00. They offer her a monthly payment of $211.00, at the very bottom of the letter it states that if by Feb. Of 2020 that the remaining of the balance have to be paid in Full!!!
Let's see: $211.27 X 12YRS (2022) = $30,384.00
Dont forget that now the new principal will be around $67,000.00 - $30,384.00
Now she will have to come up with $36,616.00 by FEB. 2022
What is wrong with companies like this one! Is there any one that could prevent scams like this one! The make everything so nice flashing the lower rate and lower payments to eldery people like my mother in law.
No she did not accept the offer and is in the process to pay that ONE month that she fell behind.
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