I was recently contacted by mail from the Litigation Law Group out of California offering to reduce my house payment and lock in a low interest rate. I am currently not behind on my mortgage.

Question: I was recently contacted by mail from the Litigation Law Group out of California offering to reduce my house payment and lock in a low interest rate. I am currently not behind on my mortgage. I called them and after answering a few questions about our finances a representative called me back in less than an hour and said they could knock my house payment nearly in half. He also added that he could do this because he was knocking my mortgage interest rate to below a 2% interest rate. All he needed was $2995 upfront to get started. It sounded great to my wife and I but what made us hesitate is that he wanted the money and other documents within 48 hours. If we waited we would not get such a great deal. It is called the Homeowner and Stability Program. Do you know of this program and is it a scam?
–Jim L. from Overland Park, Kansas


Answer: Sounds like a scam to me.I would not send them any money until I saw some type of committment letter. Most banks do not ask for more than $500 upfront to negotiate a loan modification or to approve a refinance. Try calling the state banking hotline to see if this is a legitimate lender. Good luck!


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