The foreclosure crisis is still effecting a large part of our economic return to normalcy and it seems government help and lender assistance hasn't exactly cured been able to promote a equitable and attainable solution for the average homeowner who may be facing foreclosure.
For this reason, many homeowners are "fixing" a private market problem, with a private market solution. That is that they are hiring professional debt negotiators to restructure their current loans so that they can stop foreclosure and keep their homes.
In order to reduce the foreclosure epidemic, states like California have implemented strict guidelines for modification companies to abide by. The loan modification industry as a whole however is still tainted with "pop up" expert modification companies who are here today and gone tomorrow.
We wanted to take the time to educate those who are searching for help and may not be able to tell a "good company" from a "bad" one.
If the company passes this list and you can afford their service fee, chances are your keeping your home.
Avoid loan modification scams by making sure the company you hire has...
1. ...a physical address, not a po box, and in an office complex or shopping center.
2. ...registered with agencies such as the Better Business Bureau, this will ensure that any bad behaviour will be public and hopefully the rating is B or above.
3. ...a money back refund of some type, even if it is partial so that office overhead can be paid and the doors can stay open.
4. ...an on staff attorney, this is a plus, this person ensure they follow regulatory laws and guidelines and may even assist with negotiating on your case.
5. ...in house processors and negotiators because all to often many companies will outsource your file to yet another company to do the dirty work and this leaves room for getting lost in translation.
6. ...been in business for at least one year or more. This tells you that they have the knowlege and experience to handle your file and that they have done other homeowners a service and saved their homes.
7. ...trained mortgage modification specialists that will answer any questions you may have however WILL NOT GUARANTEE SPECIFIC RESULTS. This is because they simply can not. Only the lender can dictate the end interest rate, payment and terms. For example if a company promises you an interest rate of 4% and a principal reduction of $12,543, RUN FOR THE HILLS.
Mortgage assistance group is an "A" rated loan modification and debt negotiation company headquartered in Glendale, AZ. To date they have helped over 500 families stop foreclosure and keep their homes by drastically reducing their monthly mortgage payments.
Get More Information and Save Your Home!
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