How To Avoid Being Scammed

Homeowners all across America are struggling to make their mortgage payments.  To make things harder homeowners have to watch out for scams and con artists that guarantee to save their homes and lower their mortgage payments. 

It is important to keep in mind is that no one can guarantee anything.  So if you are going delinquent on your mortgage and seeking a mortgage modification there are a few tips to keep in mind:

• Your mortgage lender is the ONLY one who has the discretion to grant a loan modification. Thus NO third party in any case can guarantee or pre-approve your mortgage modification or application.
• Be careful with anyone that wants to charge you in advance for their mortgage modification services—in most cases it is illegal to charge in advance.
• Watch out for companies that offer a money back guarantee.
• Be cautious of companies that tell you to stop paying your mortgage payments on time.  It is not ethical for any individual or company to do so.
• If you are told to not contact your mortgage lender, beware.
• You can apply to the federal Home Affordable Modification Program (HAMP) for free and on your own or you may seek help from a housing counselor that is approved by the U.S. Department of Housing and Urban Development (HUD).
• Moreover, if an individual or company claims to be a HAMP “expert,” you are potentially being scammed.  If that company or person displays the seal or logo that represents the U.S. government in correspondence or on the internet, check to make sure they are valid.
• For information on how to apply or about a correspondent call the Homeowner’s Hope Hotline at 1-888-995-HOPE (1-888-995-4673) or visit http://www.makinghomeaffordable.gov/ 

Struggling homeowners can avoid scams by doing research and understanding all their options when looking into mortgage modifications.  The Mortgage Law Group encourages homeowners to seek professional help and/or legal assistance when making a decision to hand out your money.  Don’t let a scammer take advantage of you.

For loan modification help, call The Mortgage Law Group now : 888.591.6555

Are You Being Scammed By A Mortgage Modification Company?

With the economy going through the biggest mortgage crisis the United States has ever encountered, it is a prime time for scammers to take advantage of struggling homeowners across the nation. 

It’s crucial to understand that mortgage scams not only hurt the struggling homeowners, but the entire real estate market.  Scams have played a huge part of this housing market collapse and subsequent recession.  The combination of rising unemployment rates and diminishing homeowner income is leaving Americans scrambling to make ends meet.  That means reaching out and believing anyone who offers to save their homes.

Thousands of Americans have turned to the Home Affordable Modification Program, or HAMP, a federal program which offers struggling homeowners the option of mortgage modification.   However, scammers have become notorious for taking advantage of desperate homeowners.

Scams are usually pretty simple.  In return for an upfront fee, scammers (posing as foreclosure defense specialist, mortgage experts and even lawyers) claim to help homeowners fight their lenders and banks to get them out of foreclosure, typically by manipulating gaps in the law.  

The Mortgage Law Group wants homeowners to be careful when giving out your money.  It’s important to know the signs of a scam.  Commonly, scammers claim to be affiliated with HAMP, promising consumers lower monthly payments in return for up-front fee.

Such scams take place across the country and are advertised through several media outlets—internet, TV, radio, prints and even over the phone.  A consumer fraud alert noted that as a homeowner there are certain red flags to watch out for: 

If a company says they can “guarantee” a mortgage modification—red flag.  No company or person can guarantee or authorize those changes. 

Additionally, many people do not  know that the applications are free; you do not have to pay anyone to fill out an application.  You can complete it online at the Home Affordable Modification Program’s website at www.MakingHomeAffordable.gov .

While filling out your application, it is vital to know what you are doing. The application must be completed entirely and have all the documents presented when turned in.  Seek professional advice on your situation before you begin paying for any service. 

If you think you are a victim to a mortgage modification scam you can report the case to the government.   If you want to avoid being scammed be sure to do your research.  One way to validate a law firm such as The Mortgage Law Group is by checking out the firm through the American Bar Association and the Supreme Court.  These particular institutions do not sell advertising space or charge a membership fee for a “good rating”, making them a reliable source for company background checks. 

Let's Get The Free Market Back To Work

Since the economic recession began, mortgage modification has been critical in answering the problems of Americans across the country—they’ve been a major focus of the most recent Occupy protest that have been going on across the nation. The Obama administration offered a program that fell short of helping homeowners due to its flaw in effective design. Recently, however, conservatives fought the idea, arguing that taxpayers should not be obligated and forced to pay for people’s bad judgments and that lenders actions should not be pressured by the government.

On the whole, politicians alike agree that the economy isn’t going to get better on its own, and not any time soon. Until the United States fixes the major housing debt—homeowner’s wealth will continue to fall and the economic upturn will fall short. The collapse in house prices is not only affecting peoples wealth but it correlates with consumer spending, forcing the economy to plummet. An economy cannot function when the majority of its consumers are jobless, in over their head with debt and have no way out.

So what’s next? While mortgage modifications remain to be widely politically unpopular, conservatives are starting to recognize that the modifications are in fact necessary for our economy to get back on track.

Of course, right and left are not on the same page, and it might be hard to believe that a Republican would favor a mortgage modification proposal from the Obama administration. But conservatives are beginning to recognize and agree that mortgage debt is holding up the path to recovery for our economy. So if we can get the government, right and left to move past this buildup, then the free market can go back to work.

For loan modification help, call The Mortgage Law Group now: 888-591-655

Top Ten Questions About Loan Modifications

Are you having a hard time paying your mortgage? Loan modification may be the answer you have been looking for. As hard as it may be to believe, most lenders would rather you keep your home and receive monthly payments than force you into foreclosure during a time when the real estate market is at its lowest.

Are you still hesitant to take a “leap of faith” in seeking a loan modification? Here are the top 10 most frequently asked questions struggling homeowners ask:

1. Should I get help from a loan modification company: This is a personal preference, but there are a couple things to consider when making this decision. If you feel like you can handle the stress of foreclosure and you have the time and know how to prepare the essential documentation needed to apply for a loan modification, then go ahead. But if you do not, then you should seek the knowledge and experience a loan modification company or law firm can provide.

2. Can loan modifications help prevent foreclosure: Absolutely! Loan modification can be your best friend. It could also be your only chance to save your home. Keep in mind that the federal government now provides monetary incentives to banks that participate in the Home Affordable Modification Program (or HAMP) and grant successful loan modifications to borrowers. Pair this development with the idea that it may be more profitable for lenders to allow you to stay in your home rather than foreclose, and the chances of getting approved for loan modification may rise. It’s a win-win situation for all parties.

3. Do I qualify for modification on my loan if I am not behind on payments: It may be possible but the success rate is not high. Your mortgage lender needs to see that you have a financial hardship.

4. How does the Obama plan affect my loan modification application: The federal government has set aside billions of dollars to give to banks to support loan modifications for homeowners in need.

5. Can the lenders add late charges to the loan modifications: The late charges may be set aside when the lender is considering a loan modification for his/her client.

6. How do I qualify for a loan modification: Typically a modification is awarded to an individual who has recently lost his/her job, has suffered a reduction in income, lost a spouse, gone through a divorce, or experienced financial hardship due to unforeseen medical conditions and expenses. However, you must also be able to demonstrate an ability to afford a modified mortgage payment, along with all of your other monthly expenses.

7. What situations can guarantee me qualification for a loan modification: The loss of employment may be the most common hardship that homeowners who receive a loan modification face. But it is important to know that a valid hardship is but one of multiple qualifying factors for a loan modification. And remember, there are NO guarantees.

8. Is it possible that late or missed payments can be added to my new loan modification: Absolutely. It is likely that your past due amounts could be added to and/or spread over your mortgage term.

9. How does a loan modification affect my credit history: A loan modification does not affect your credit history. The process of obtaining a loan modification will. Once you go behind on your mortgage payments, your lender will begin to report this to the credit bureaus every month, until you either bring your mortgage current or obtain a loan modification. Upon making your first payment (after making your trial mod payments), your lender will then report your mortgage to the credit bureaus as being paid current. This will help raise your credit score over time.

10. The most frequently asked question -- What is a loan modification: Most struggling homeowners don’t realize that there are options before foreclosure. Loan modification is one of them. A loan modification is a reestablishment or adjustment of the mortgage loan terms that makes it reasonably affordable for the borrower to make his/her monthly payment.

So after reading through these most frequently asked questions, it’s important to choose a qualified modification agent. It can make the difference between keeping your home or sending it into foreclosure.

For loan modification help, call now The Mortgage Law Group now: (888)591-6555

Is A Loan Modification Right For You?

Keep Your American Dream

Buying a house … what does it mean? It means YOU have made it. You are part of the American Dream. And in these hard times, no homeowner wants to lose their home. No person wants to admit that they are struggling. However, if you are one of the thousands of homeowners struggling and falling behind on your mortgage payments (or know you will be in the near future), it is vital that you be proactive to protect your American Dream. So what now? Could a Loan Modification work for you? 

When struggling to make your mortgage payments, it is important to know all of your options. The first question is-- do you want to save your house? If so, then a loan modification is the route you want to take. Each lender has its own specific programs that you might qualify for and no one lender is the same. If your lender participates in HAMP (the Home Affordable Modification Program) and the property in question is your primary residence, then your loan could qualify for a reduced interest rate between 2% and 4% and drop your monthly payment to as low as 31% of your total monthly income. If you do not qualify for a HAMP modification, there are other lender-specific programs that you might qualify for. Remember, it is YOUR American Dream at stake.

Handling your own Loan Modification is possible, but very difficult. Lenders are bombarded with phone calls and tend to be unresponsive to YOU. However, if a law firm is calling on your behalf, your lender may tend to be more willing to work harder to save YOUR American Dream.
At the end of the day, if you decide to go the loan modification route, keep in communication with your mortgage lender, become informed about the circumstances surrounding the state of your mortgage, and seek advice from a mortgage relief company or law firm with the knowledge and experience necessary to help you achieve your goals. Ask the relevant questions and make sure you know exactly what is happening. It could save your home.

Contact The Mortgage Law Group at: (888)591-6555

How To Get Approved For A Loan Modification

Do you ever feel like you just can’t catch a break? Did you recently go through a divorce, lose your job, or even lose a loved one? Recently lenders have been more inclined to accept your application for loan modifications if these tragic events have happened.

As a borrower, it is crucial to demonstrate to your lenders that you are capable of setting up a new budget plan that works with your new sum each month, and that you will not default on the new payments. It’s vital that you do not turn in an incomplete application to your lender, or you will show your lenders your inability to follow through.

If you want to be approved, it is advised to figure out how to calculate the debt ratio, as well as obtaining a hardship letter to give to your lender.

The hardship letter will require assistance in writing, for which it depicts your specific financial situation. Remember to be thorough, concise, and convincing. The better prepared you are, the higher the chances are for approval. If you need help, do not hesitate to seek advice from an experienced finical advisor. Be proactive, take action, and do not wait until you are up to your ears in debt.

For loan modification help, call The Mortgage Law Group now: 888-591-6555

How to Choose the Right Loan Modification Company?

Are you part of the millions of homeowners going through troubled times? Are you faced with the decision to choose loan modification help or lose your home? Now the question is--who do you turn to for help? Thousands of companies are saying they have the best success-rate, experience, and knowledge. The problem is, as homeowners, many of you are vulnerable and ready to jump at any offer thrown at you because you are desperate. However, that is exactly what those loan modification companies are counting on.

As a borrower you must do your research before you pay a company to represent you. It is a dog-eat-dog business and needy borrowers need to beware. Here are some tips to help you choose the right company:

First, it is important to verify that the company you are considering is licensed and operating in compliance with federal, state and local laws. Many states require companies to be licensed with the Department of Real Estate, Banking or other regulatory body. Check your state’s requirements, and then verify that the company is in compliance with all of them. Then check with your state or local government to see if they have a business license and physical address. Attorney based loan modification companies, such as The Mortgage Law Group, are subject to a different set of regulations.

You will also want to check the company’s experience and background. See how long they have been in business, because most loan modification companies are relatively new and have very little loss mitigation experience. Note that some companies do have employees who can provide expertise.

If you choose a company that is attorney based, make sure that the attorney you hire is involved in your case. Keep in mind that an attorney or law firm that focuses on loss mitigation can provide the help you need to get the results you want.

At the end of the day, it’s your money and your house. It may seem like common sense, but thousands of homeowners shovel money out to companies and get no results. The key is to find a company that that has the experience, accessibility, staffing and commitment to obtain the results you want.

For loan modification help, call The Mortgage Law Group now: 888-591-6555