Protect Yourself Against Loan Modification Scams

While there are many legitimate companies offering loan modification services, there are also a group of unscrupulous individuals and companies that may want to take advantage of a distressed homeowner’s situation.  Thousands of homeowners have been victims of mortgage modification scams. These persons are not law firms or attorneys even if they try and make you think they are affiliated with law firms.

Why You Should Hire an Attorney?

You are not legally required to hire a mortgage modification attorney or modification company to help you negotiate a mortgage modification with your lender. However, many homeowners try and handle it on their own and fail because they don’t know the proper procedures and forms to complete or who to contact. A mortgage modification attorney can help you with negotiating your modification as well as with other options such as a short sale, refinance, deed in lieu, reinstatement, forbearance or even a bankruptcy if necessary.

The attorney can advise you of all your options and legally represent you. Lenders tend to take phone calls from attorney and ignore borrowers. You will get better results if you hire a mortgage modification attorney to assist you. Also lenders may want you to sign legal releases that may not be in your best interests. You should have an attorney review the modification documents before you sign anything.

Avoid Foreclosure

A mortgage modification attorney can help you stay in your home while negotiating with your lender. A loan modification will reduce your monthly mortgage payments so that you can keep your home, avoid foreclosure and retain your investment.  Doing nothing is a mistake. Contacting a mortgage modification to avoid foreclosure makes sense.

If a mortgage modification is not the right choice for you, the attorney can help you find another solution. The attorney can help you stop foreclosure proceedings by either delaying the proceedings or resolving the matter with your lender.  You may be able to stay in your home as long as a year rent free while the negotiations are taking place.  If for some reason, you decide that you need to sell your home with a short sell, the attorney can represent you in that matter as well.

You should at least take the time to consult with a real estate foreclosure defense attorney to find out your options.  Foreclosure costs lenders money and time, and they would rather work out a financial arrangement that is suitable to you and them.  Lenders don’t like suing their customers because they may want to do business with you again down the road. So take a pro-active role and find out what your options are to save your home.

About American Residential Law Group: American Residential Law Group is a law firm that strives to provide the community with legal assistance and all the benefits to which consumers are entitled under the law.  With a considerable background in all areas of consumer advocacy, American Residential Law Group remains dedicated to providing integrity and excellence for their clients, and increasing their quality of life.

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