Loan Modification Boiler RoomsPosted by: Kim Sears | Posted on: March 15, 2021
I could have enraged a few people after they read this post, but whatever the case may be, what I have to say about loan modification is critical. There has been a lot written about loan modification, and there are a lot of landing pages on the internet designed to entice struggling homeowners to apply their details. The landing page’s produced “lead” is then sold to the highest bidder. Most of the time, the winning bid is a loan modification boiler room operation, ready to make commitments, take money, and give little in return. view publisher site
Not long ago, I had the opportunity to speak with someone who ran a standard loan modification boiler room process. The following is based on information he given to me. Many of you who are familiar with telemarketing operations would be unsurprised to hear that all of this is real. Many of you who have had the misfortune of working with one of these businesses as a customer may be surprised and outraged by what follows.
Boiler Rooms for Loan Adjustment
It’s critical to comprehend the business model that gave rise to all of this loan modification fraud. Adjustable mortgage rates started to change, which prompted a slew of loan modification boiler rooms to open their doors. Naturally, as interest rates change, the only way they can go is up. Many people who were barely able to make their existing payments were suddenly faced with new mortgage payments that were hundreds of dollars higher. Needless to say, the loan modification boiler rooms’ phones were ringing “off the hook,” as the saying goes.
To be honest, the loan modification boiler room operators were only working on behalf of Loan Modification Processing firms. The processing companies will pay a fee to the boiler room operator for each “deal” they sent. The telemarketer would then be paying a fee by the boiler room operator for the deal they closed. A professional boiler room telemarketer can persuade a desperate homeowner that they are a “loan modification expert,” and many go far further than that. Many were told to reassure potential clients that they have connections in the banks in which they do business on a regular basis.