Once again, the federal government is attempting to assist homeowners with another plan. This time, the framework seems to be in the form of helping homeowners with government approved loans, who are not behind with their mortgage payments, the opportunity to refinance at a lower rate. The question as to whether or not the plan has a chance to work, or is just a political move on the part of Obama is not important to those homeowners who are struggling to keep their homes, or in many cases, save them from foreclosures that are already in process.
What will no doubt happen will be a surge of loan modification companies, once again, ready and willing to deceive as many struggling homeowners as possible with promises of saving their homes. Although many people still are easy prey to these deceitful telemarketers, many more homeowners have become aware of the reality that these firms have no more ability to deal with your lender, and in fact less, than you do if you were to do it yourself.
However, thieves and con-artists don't give up easy, so here are the tactics you can expect them to use. You can expect them to represent themselves using domain names that sound like government agencies. Names such as Obama Modification, or Obama Housing Plan, and similar names. They will buy.org domains to present themselves as non-profit agencies. Most often, they will refer to themselves as "Loan Modification Attorneys" and here is where things get tricky.
Lawyers can be referred to by they area of practice. For instance, there are bankruptcy lawyers, family law and divorce lawyers, tax lawyers, etc. There is no area of practice known as loan modification. Many attorneys can provide help with a loan modification. But, it's important to understand, that the only party that can modify your mortgage is the lender. The attorney can only help facilitate it.
It's fine, even a good idea to retain an experienced attorney to help you when you are faced with a financial hardship and the possibility of losing your home. Loan modification is only one avenue that is available. To use any type of agency or service is simply throwing your much needed money away. Beware of any firm that uses terms such as attorney based, attorney backed, or attorney driven. A law firm is a law firm and has no need to qualify itself as back, based, or driven.
If you are facing these issues, most law firms offer free consultations to discuss your case. Take that opportunity to meet with an attorney and find out how they can help you. It will cost you nothing and may save you not just thousands of dollars, but very likely will save your home as well.
David Miller is a freelance writer and marketing consultant. He has written extensively about bankruptcy, debt settlement, debt consolidation, credit and credit cards, collection agency abuse, consumer law, credit card defense, FDCPA guidelines and complaints, loan modification scams, and foreclosure.
He contributes regularly to financial and real estate blogs.
He currently edits several websites and is a contributing author to many of them including Law Firms and Legal Services
His articles about foreclosure, debt discharge, student loan debt and many other topics in the area of bankruptcy, credit and can be found at http://lawfirmslongisland.com/ along with links to other resources which he has been a contributing author.
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