Who should I trust?

Law Firm or Loan Modification Company?

RETAINING A LAW FIRM CAN BE NO MORE EXPENSIVE THAN HIRING A SO CALLED LOAN MODIFICATION COMPANY. In many cases attorney fees may be less than the fees charged by unlicensed "self appointed" loan modification specialists. Loan modification companies that are not attorney driven frequently charge excessive fees. When they can't solve your problem, you're referred to outside attorney and charged all over again.

When you look at loan modification companies on the internet or in a flyer, look at their promotional materials carefully. The flyer or website might look great but looks can be deceiving. Do they have a street address? Do they have an office you can go to or are you dealing with someone in another state who is working out of his home, maildrop or garage?

In some instances these loan modification companies are nothing more than internet marketing services that sell your inquiries as leads to SO CALLED-loan-modification "specialists". Look for terms like "certified", "registered" and "specialist". There are no federal, state or local agencies conferring these titles on individuals doing loan modifications. In many states there is no regulation of this type of business whatsoever. Don’t be mislead by glossy ads, catchy slogans or slick websites.

Are the loan modification or foreclosure prevention services being offered by a law firm with experience in these matters or are they being offered by former mortgage brokers and loan officers, the same individuals that sold you the bad loans in the first place, or out of work real estate agents who can’t sell homes in the current market? Does it make sense to trust these types of people again?

How can you tell who you’re dealing with? If you are offered a guaranteed result, you’re not dealing with a law firm. Probably some fly by night out of state company you won't be able to locate when you want to get your money back. It is unlawful for a lawyer to guarantee the outcome of any case. Talk to the Better Business Bureau. They will tell you that they are overwhelmed with complaints against these loan modification firms.

Only a licensed attorney is qualified and authorized to render legal advice on any legal grounds you might have for rescinding or modifying your loan or asserting foreclosure defenses. Whether you choose to retain our firm or another law firm, the only sensible choice when so much is at stake is to hire an attorney to represent you.


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