Detecting and Avoiding Loan Modification Scams

According to The Mortgage Bankers Association, a record 5.4 million homeowners in the United States are currently behind on their mortgage payments, as covered recently by The San Francisco Chronicle. As the economy weakens, taking the job market with it, the desperation level of these homeowners continues to grow. That combination makes for a fertile hunting ground for scammers looking to make a quick score. Being taken in a scam on a loan modification can cost a homeowner a lot more than the upfront fees which range from $1,500 to $5,000. If foreclosure is looming due to an extended period of missed payments the homeowner can literally lose the roof over his family’s head should he get burned by relying on a less than reputable company to handle this incredibly important mission. Detecting and avoiding loan modification scams is a relatively simple task if one knows what to look for and where to look for it. Combine that knowledge with the willingness to spend a little time
on due diligence and the homeowner can virtually eliminate the possibility of being scammed. The first priority is to a priority on working with an attorney to execute your loan modification. Follow that with getting some additional information. Get the attorney’s State Bar number. Ask whether the attorney will be representing you or the law office. Find out how long the office has been doing loan modifications and how many have been successfully executed. Further due diligence can be done by investigating each firm at the local Better Business Bureau (www.bbb.org) and the website for the state bar in your area. Look for ratings, complaints and disciplinary actions. Sticking with accredited sites will give you a much better picture of the firms on your list than some of the sites that do not regulate content and can be used to post false information and misleading statements. Rip Off Report, Bad Biz Finder, and a variety of complaint sites are now being used by unscrupulous c
ompanies to discredit reputable firms without recourse. Steven Feldman, founder of The Feldman Law Center in California was recently attacked by one such site in February of 2008. In a recent interview he said, "When we started helping home owners avoid foreclosure with loan modifications there were just a few attorneys in the entire country providing this service. Now I think there are more loan mod companies and newbie attorneys doing loan mod’s than there are McDonald’s across the country.” Commenting on the attempted character assassinations on some of the sites being used as tools of lesser companies he said, “It's amusing to me that these people even exist. It wasn't until the Feldman Law Center assisted in shutting down these companies doing loan modification scams that these unfounded allegations hit the internet. I have been an attorney for 30 years and just can't believe what I read these days.” Get answers that satisfy your questions and ac
cept nothing less. Work with an experienced law firm that meets your ethical standards. Get those two tasks completed and you are on your way to a successful loan modification. The team at The Feldman Law Center stands ready to answer any questions you might have regarding modifying the mortgage on your home. Please call them at (800) 527 8497. The information contained herein is provided for general information and advertising purposes only and is not intended to convey a legal option nor legal advice for any particular case or situation. Nothing in this article shall create an attorney-client relationship. Nothing sent to this law office via e-mail shall constitute an attorney-client relationship. Nothing contained in this article shall be construed to be a guarantee or prediction of result. Prior results are provided for general information purposes only and do not guaranty, warranty or predict a similar outcome with respect to any future matter.   Results achieved depend o
n individual circumstances and not everyone will qualify or be successful in restructuring their mortgage loan.

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