PALM BEACH GARDENS, Fla. (MarketWatch) -- Your lender refuses to grant relief from your costly mortgage, and you're desperate. Should you respond to any of the growing number of television ads, mailings or phone calls touting loan modifications?
The marketers producing the ads represent a broad mix of firms seeking business, including mortgage and real-estate brokers and lawyers.
One ad running on several television stations highlights the "crisis on Main Street" and offers a loan modification "helpline." That ad is produced by JCR Enterprises Inc., a Foothill Ranch, Calif., marketing company.
David Riemann, senior vice president, says that consumers who respond are typically referred to a participating attorney in their area. His company may collect a retainer for processing and handling the call. Plus, JCR gets paid commissions for media and production. He says he has about 50 loan modification clients, mostly attorneys. To handle a loan modification, those attorneys charge consumers fees ranging anywhere from $995 to $5,000.
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