The Feldman Law Center - Home Loan Modification Scams
- Author Greg Feldman
- Published June 9, 2009
- Word count 539
Home Loan Modification Scams
There is a lot of talk today about unfair loan modifications. In this economy, mortgage loan modification is a good option for many people struggling to repay their debts, but reports of predatory modification companies have some homeowners afraid to act. Some individuals have been taken advantage of, particularly in the California loan modification scams, by companies who take their money and provide no results. With the help of qualified, respected attorneys like those at Feldman Law Center, however, home loan modifications can save borrowers from a lifetime of unmanageable debt.
There are many options for loan modification, and it is wise to seek out the best possible loan modification advice. For example, you may be wondering about federal loan modification law. The FDIC loan modification program may be able to help you, but it may not. Unethical modification companies may not tell you about all of your options, preferring instead to make empty promises and return nothing. The attorneys at Feldman Law Center, however, know exactly which homeowners can be helped by federal loan modification and will gladly recommend government assistance if that is what is right for your situation. More likely, however, you will need to consider other options, as the FDIC's loan modification program promises help to only to a specific segment of homeowners.
If you are struggling to make ends meet and saddled with unrealistic payments, principle reduction, rate reduction, or another form of modification to your loan may be possible without federal assistance. This indeed ought to be a key indicator of the trustworthiness of any loan modification company. It is crucial to examine your own specific situation to determine what kind of help would be most beneficial to you. Any company that charges an unwieldy up front fee with no apparent concern for your circumstances is likely to cause more harm than good. Do not enter into any loan modification agreement with anyone unless you understand precisely how they will help, and they have demonstrated their ability to negotiate specifically on your behalf.
The loan modification process can be frightening, but it is possible to find debt relief in many situations. Another key to avoiding unethical or untrustworthy loan modifications is to pay attention to what you are being promised. Any company that can claim to be able to get you a specific rate reduction or to reduce your principle by a specific amount before judging your circumstances or negotiating with your lender cannot be telling the truth. Without speaking to a lender about a specific loan, it is impossible to know how much can reasonably be promised in the way of principle reduction or interest rate reduction.
Hardship modification has become necessary for many people, and finding a trustworthy loan modification attorney can be very tricky. You can, however, place your trust in the Feldman Law Center. Our loan modification programs can provide you with help to get your debt back under control. Unlike the predatory loan modification companies, we will not take any action that does not benefit you. With loan modification help from our experienced attorneys, your unrealistic payments could become a thing of the past. Visit us at www.feldmanlawcenter.com or call 800-588-0425.
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