Frank Collins is an expert on Real Estate, Mortgage, Credit, and Automotive topics. He currently writes for various online mortgage sites and loan modification attorneys on homeowner educational topics. Use a Mortgage Modification Attorney in California or a New York Real Estate Lawyer who serves all 50 states.
Homeowners who are confronting the reality of a foreclosure have become food for mortgage brokers, loss mitigation or loan modification companies. Many new companies who contact you say they are foreclosure consultants or many other terms. They just pop up and get your contact information from title records or other means. It is very important to use a debt settlement company that has an actual state licensed attorney on the premises. There have been many instances of borrowers who are already in dire need getting scammed for promises the sales man can’t keep. Moreover, be certain that the attorney for the company practices mainly in real estate and not family law or other areas.
Most attorney backed companies will provide the applicant with a forensic loan document review whereby they analyze the loan’s closing statement, HUD1 settlement, loan application for any Truth in lending Violations or Predatory lending violations. And if there are some errors found (small or large), there is an 80 to 90% chance your terms will be changed with the lender. The fraud by lenders has been abundant for borrowers who have lower credit scores.
Statistics show that non-attorney backed loan modification companies end up providing nil for their clients and they cannot offer the client any legal protection due to the delays. In these types of situations, borrowers are caught being too late and lose their home through foreclosure along with their credit. It becomes a double-edge knife in their back.
Therefore, it cannot be stressed enough that you when go with a mortgage modification company you should work with one that has track record and the proper experienced people on staff who will work with assist you in stopping foreclosure and/or changing your mortgage terms such as rate, payment and the loan balance. Attorneys who are stated licensed must adhere to a strict code of conduct and higher ethical standards, and while they are not able to guarantee a successful result for your case, they are more than likely to accept it if they consider after evaluation there is a large opportunity to get you a positive result.
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