Its really rotten the way that the national media has so poorly shown the Loan Modification process due to the deeds of some very sad and unscrupulous individuals.
Loan Mods are still one of the great options for averting foreclosures, the only difference as opposed to when they were first gaining recognition is that now the public must go to further lengths to educate themselves on the Loan Modification and Foreclosure process in order to select the right representation. Awareness is key to avoiding the status of the many Homeowners who acted without educating themselves and became victims from the news daily.
In the Loan Mod area there are allot variables that can affect the end result. My family has gone through the entire process myself and we unfortunately owned several properties which we could no longer afford due to both personal and professional hardships which took place simultaneously in our life sending my family and I down a very hard road to travel. I still cant understand sometimes that after 16 years of great credit and not even one late payment, We somehow found ourselves in a real jam with horrible credit facing several foreclosures, and even the loss of our very own home.
Aside from a bad personal hardship, my professional career was a glistening example of a Real Estate and Mortgage success story turned horror almost overnight. Once I was able to cope with my personal hardship I acknowledged I needed to act fast if I wanted to at least save my own primary home of 5 years. After a couple failed short sale attempts I immediately looked for a job in the loan modification and foreclosure defense industry in hopes of finding an answer. I really didnt want to sell my home anyway, my greatest wish was to keep it. I got the job I wanted at a foreclosure defense and mortgage modification company.
During my time working in the Business I learned a whole lot. In my experience with the company I can say that I would only use a Licensed Attorney to handle anything regarding matters such as Loan Modifications, Loan Mediation, Loss Mitigation, and Foreclosure Defense.
Mortgage Loan Modifications are also referred to as Loan Mods. In some loan mod programs, an attorney can even fight for a change in your loan’s main balance. In any case, the modifications are intended to make it easier for your family to complete payment, so that the lenders and the borrower can both come to an agreement. Although Mortgage Loan Modifications have gotten some trash press recently, if you make sure to Hire an Attorney who specializes in Loan Modification & Foreclosure Defense you have much greater chances of quality service because they have to adhere to the standards of their governing Bar association.
If your family knows that you want to pursue a loan mod or Foreclosure Defense strategy in order to keep your home, you need to know a few things that can keep you from scams that can lead to the foreclosure of your home. Some people are using the hope and fears of families in need of loan modification services to feed their greed and fill their pockets.
You really have to be careful when fighting a foreclosure by being selective on the Law Firm you choose to represent you. Make sure you get all their credentials and they are a licensed member of the Bar Association in your state.
It can not be stressed enough make sure the attorney handles Foreclosure Defense and Loan Modification. You want someone who specializes in this day in and day out, a Firm who really knows how to negotiate with the banks and how to get you a true reduction. Don’t hire a ticket lawyer to do your loan modification. Remember this is your home we are talking about, it is the single most important tangible asset you can own in your life because it is the one the one that gives you shelter at night and keeps your family safe!
Make sure that you are dealing with skilled attorneys who have supporting staff with mortgage industry backgrounds. Check them out on the web for bad press and look at your local state bar association website to make sure they and their are in good standing.
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Here are some tips below:
Fraudulent foreclosure help organizations may promise to take care of your problem with your mortgage lender or to obtain a refi for you. They also ask you to make mortgage payments directly to them.
These scammers have even been known to ask the borrower to hand over the property deed, claiming that if the owner then makes the mortgage payments to them, they will be able to in stay in their home. Instead of contacting your lender or refinancing your loan, the con artist pockets all the money you paid, and then files a bankruptcy case in your name – sometimes without your knowledge.
A bankruptcy filing often stops a house foreclosure, but only temporarily. If a bankruptcy is filed in your name but you do not participate in the case, the judge will drop the case and the foreclosure proceedings will continue. If this happens, you will lose the money you paid to the scam operator and you could lose your home. You will also have the bankruptcy on your credit for at least 10 years.
Avoid loan modification companies that call themselves attorney based or backed. A loan modification attorney should be the one doing a loan modification and being backed by one is usually just a play on words to make you feel better.
If refinancing is underway, never sign any document that you can not fully comprehend. And always make it a point to have all the concessions or agreements in writing.
Your main focus right now should be to avoid losing your home to foreclosure. Such an event can seriously damage your credit rating and your capacity to borrow money later on. This is why it is important for you to qualify for a loan modification. You can go about your application on your own. But it is important that you know what you are doing.
Nevertheless, you can always consult with any loan modification attorney. These firms often provide consultations that are free of charge. And most, if not all, of these firms are legitimate and can provide you with a good service that you deserve. In fact, if you want a smooth sailing application, you need the services of licensed professionals that are trained and experienced in loan modification.
Adam Whazzer has been a mortgage expert for years” Adam has offered attorney foreclosure and can you apply for obama mortgage bailout if under chapter 13 to foreclosure victims for nearly 18 years. If you are facing foreclosure, stop by for More Info On this Subject