Do not pay an upfront fee to anyone who is not a Licensed Attorney or Law Firm.
Anyone legitimate will listen and care about what you are going through, and will explain exactly what you are paying for and what to look forward to while in the program.
If you choose carefully and are working with an Attorney your loan modification should turn out significantly better, which obviously results in long term benefits. Any Attorney you hire should have a verifiable physical address and stated as a Firm. Make sure to check the Bar Association too. They will know of any complaints that have been filed.
Did someone promise you certain terms or rates for your loan modification? Huge Red Flag! If you are being promised an interest rate, or an exact principle reduction amount, most likely you are just being told what you want to hear. Please note that no one can promise you anything without negotiating with your lender. This is extremely important.
Is there an approval process? Before you agree to pay any fee at all, there should be an application process which would determine if you qualify for this assistance. The application should include your budget, income, property info, and hardship, basically an entire package should be submitted and reviewed before the loan modification company or Attorney decides to take on your case.
If you need help finding a trusted attorney, or have more questions, please E-Mail me!
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