What You Should Know About Loan Modification Scams
Modifying a home loan can be difficult because there are never any guarantees that you will receive the loan modification that you want. When you receive a solicitation in the mail, it often comes at a time when you are already thinking about modifying your home loan. Some people may even consider it a sign that they should pursue the loan modification company’s services. Even the best of us can be manipulated by attractive advertisements. Therefore, it is very important that you know what to look for when identifying loan modification scams.
Tips to Avoid Falling Victim to Loan Modification Scams
If you receive any solicitation in the mail for loan modification services, you are receiving information from a company that claims to help you modify your home loan, stating that they will work directly with your lender to change the terms of your loan to fit your needs. Fraudulent loan modification companies will require homeowners to pay a fee in exchange for the loan modification company’s guarantees that it will negotiate with your lender to modify your home loan. Key words and phrases to look out for in mailings include, but certainly are not limited to, the following:
• Words referencing government housing programs, giving the impression that the information is official;
• Words guaranteeing money back if you are not satisfied;
• Statements that the loan modification company has helped thousands of individuals modify their home loans in order to avoid foreclosure; and
• The statement that the loan modification company is backed by an attorney, as this gives the impression that the company is legitimate and law-abiding.
While not all loan modification companies are illegitimate, those companies that actively pursue you are those that are likely trying to scam you. They may take your fee and do nothing to negotiate with your lender. You may even stop making your mortgage payments based on false information you receive from the loan modification company.
You may be able to find legitimate loan modification companies by thoroughly researching online in addition to speaking with your lender or with an attorney. Some lenders will work with homeowners to modify the home loan, or at least make the mortgage payments a little more manageable, so it is best to look for safer options before working with a loan modification company.
How an Attorney Can Help You
Bankruptcy and debt-management attorneys help clients address loan modifications on a regular basis. Such attorneys often help clients avoid foreclosure by negotiating with the lender on your behalf. By having an attorney, you are working with someone face-to-face, and not simply speaking with a customer service representative over the phone. An attorney will instill trust that he or she is looking out for your best interests. An attorney can at least provide you with some guidance on how to avoid scams and find ways to manage your mortgage payments.
Contact The Law Offices of Georgette Miller and Associates, P.C. Today
Loan modification offers tempt consumers on a regular basis. When loan modification offers seem too good to be true, they probably are. As such, it is imperative that you speak with a qualified Loan Modification Attorney with the experience and skill necessary to help you avoid falling into the scam trap. At the Law Offices of Georgette Miller and Associates, P.C., our seasoned Loan Modification Attorneys can help you with your loan modification needs, providing you with the tips you need to avoid falling victim to the numerous scams that face homeowners today. With offices located in Philadelphia, PA, New York, New Jersey, Washington, D.C., and Baltimore, M.D., our Loan Modification Attorneys provide outstanding legal services to a wide variety of individuals and businesses. If you would like to speak with one of our attorneys, contact the Law Offices of Georgette Miller and Associates, P.C. today by calling (866) 96-GMLAW to schedule an initial consultation.