Avoiding Shady Loan Modification Companies

At the Feldman Law Center, many of our loan modification attorneys have seen the number of loan modification companies pop up, seemingly overnight.  Many of them cannot actually get loan modifications for clients, so they waste the time and money of those who are in need of serious assistance.  Our goal is for every loan modification attorney on our staff to exhaust every possible resource in getting our clients the best loan modification possible.

Here are some things to look for, or questions to ask, to make sure you are not getting scammed by a loan modification company:

Look out for false promises – Any loan modification company that “guarantees” a loan modification is probably lying.  Even the best loan modification attorney can be turned down by the banks.  It is up to you to find a skilled, experienced loan modification attorney who knows how to work the system.

Ask the loan modification representative how long they have been around – “Fly by night” companies are the biggest scammers, setting up shops seemingly overnight and then taking advantage of people before they leave town. You should be looking for a loan modification company that has been around for a few years, and preferably a loan modification law firm that has been around since before our recent economic crisis.

Make sure you are working with a loan modification attorney – Only a licensed, practicing attorney can legally represent you during the loan modification process.  If the loan modification company you are working with does not have a loan modification attorney on hand, avoid the company.

Proof of success – Any business will have client testimonials or a way to prove their track record.  You should ask the loan modification company if they have referrals or ways to prove that they have successfully completed loan modifications for other people.

Have reasonable fees – Any loan modification attorney or loan modification company is going to charge you a fee, that’s the way the world works.  However, make sure you are comfortable with the fees and that you believe the fees will lead to results.

Make sure they can stop the foreclosure process – Any loan modification attorney should be able to legally halt the foreclosure process.  This should absolutely be a priority for you and your loan modification attorney.

Be wary of virtual companies – You aren’t buying music online, you are trying to keep your home.  Make sure the loan modification company or loan modification attorney has an actual office that you can go to.

Make sure the loan modification company works in California – If someone from another state contacts you, you should consider long and hard whether or not they can help you.  In fact, attorneys who are licensed to practice law in one state may not be licensed in another state.  If you live in California, get a California loan modification attorney.

These are just a few of the areas you can examine and research in order to know if your loan modification company is on the “up and up.”

Visit us at http://www.feldmanlawcenter.com or call 800-588-0425. Foreclosure Help