Loan Modification Do's and Don'ts
- Do make certain the loan modification company or individual you are working with is licensed with the Utah Division of Real Estate as a loan originator.
Use the NMLS Consumer Access system or call 801-530-6747.
- Do talk to your lender or servicer as soon as you think you could have a problem paying your mortgage on time. You will not have to pay your
lender or servicer to modify your loan if you meet eligibility requirements and are qualified.
- Do make your mortgage payments only to your servicer or lender.
- Do make sure you understand the documents you are signing.
- Do file a complaint with the Utah Division of Real Estate if you think someone offering loan modification services is
trying to scam you.
- Don't ignore mail from your lender or servicer.
- Don't stop making your mortgage payments. If you do, you will move closer every month to foreclosure.
- Don't pay an upfront fee for a loan modification. Fees can only be collected when your lender has agreed to modify your loan and has presented you with the new terms and contract for your approval.
- Don't work with a loan modification company or individual that appears to be a government agency or government program. You can find
government-sponsored mortgage modification and refinance programs at www.makinghomeaffordable.gov and
- Don't sign documents with blanks.
- Don't sign a warranty deed or quitclaim deed giving your title to anyone. When you lose title, you lose ownership.