As the dark clouds of the economic slowdown darken, more and more people are considering loan modification as an option to save their home from foreclosure. The loan modification alternative is available to home loan borrowers only once, and borrowers should be very careful about how to use this option to turn the tables in their favor. Unfortunately, there are several predatory modification companies that, promising to help distressed borrowers, stab them in the back. Any borrower exploring the option of loan modification should exercise extreme caution when using the services of such companies. As the field of modification is relatively new, various modification companies are multiplying across the country and borrowers are totally confused about who to trust and who not.
To ensure that, as a borrower, you are looking for loan modification assistance from the right company, you can follow the tips mentioned below:
oWhen seeking business modification assistance, check their background online. Look for a loan modification company that has been in the market for a long time and is well known.
o Loan modification companies tend to make big claims in their advertisements and promotional campaigns, but it is your job to discover the truth behind this, if you plan to take advantage of the company’s services. Talk to your clients directly if possible. Client testimony in these types of cases is the most reliable source of information.
o Refrain from using the services of a virtual company. A company that only talks to you on the phone or interacts with you through a website is not at all trustworthy. Check the company’s business license. Check your registration with your local chamber of commerce or a better business office. Check the location of the office and, if possible, also talk to the employees.
o Under many state laws, modification companies cannot charge up-front fees. Plus, it’s not even fair to charge a customer who is already in financial crisis upfront. Not all companies that charge an initial fee are counterfeits, but it is good to be careful with these companies.
The Research Fraud Elite Legal Network is one of those groups of legal professionals who are working hard to help home loan borrowers who have been misled by fraudulent modification companies.