Home Loan Modification

Do-It-Yourself Loan Modifications The borrower can be current, late, in default, in bankruptcy, or in foreclosure at the time the application for modification is made. The programs available will vary accordingly. There may be modifications made at the discretion of the lender. The lender is motivated to offer better terms to the borrower because of the expectation that the borrower might be able to afford a lower payment, and that a performing loan (i.e. one in which payments are current) will be more valuable ultimately than the proceeds obtained from a foreclosure sale

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Still Hesitating?

Are you still hesitating as to if you should modify your own loan ...or should you get an attorney to do it for you. Well if you haven't heard it seems that some attorneys, just like some loan modification companies are looking to take you for a ride, so beware!
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There is a slew of Attorney led or attorney affiliated loan modification companies that are charging Illegal Up-Front Fees and Failing to help homeowners that are trying to find a solution to their mortgage worries through a loan modification.

Homeowners tend to trust a company that has an attorney on staff, with the thought that they might be more reputable or be held to a higher authority, namely the state bar, but this is not always the case. Remember you have all the information that you need at your fingertips to do your own modification and make it happen. There is even more information contained in the TILA report to see if your loan contains violations that would make your loan invalid. You don't need to pay an attorney! It's all there!

NEW YORK, NY (August 13, 2009) - Attorney General Andrew M. Cuomo today announced that his office has filed a lawsuit against New York-based American Modification Agency, Inc. ("Amerimod"), one of the largest foreclosure rescue companies in the country. Attorney General Cuomo's investigation into Amerimod revealed that while claiming to modify home mortgage loans and lower monthly payments of consumers on the brink of foreclosure, Amerimod typically falls short on its promises.

In fact, after Amerimod collects illegal, up-front fees, the homeowners often find themselves in worsened circumstances with respect to their mortgages and unable to obtain accurate information from Amerimod's representatives or other customer service. The lawsuit seeks refunds and damages for Amerimod's customers who were charged illegal up-front fees and were deceived by the company's empty promises, misleading representations, and false advertising. It also seeks to shut down the company's New York operations.

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Many companies in this situation:

* Fail to obtain loan modifications for the vast majority of its customers, many of whom end up in foreclosure or negotiate loan modifications on their own.
* Illegally charge thousands of dollars in up-front fees, and fail to refund these fees as promised when loan modifications are not obtained.
* Engage in deceptive and misleading practices by grossly exaggerating its success rate, making false promises about its ability to save customers' homes, underestimating the amount of time it takes to achieve a loan modification, and misrepresenting that the company is a law office and that lawyers will work on customers' files.
* Makes false guarantees of 100% customer service when, in fact, once that company has collected its up-front fees, its representatives often fail to return calls of customers facing imminent foreclosure who are desperately seeking a status update on their files.
* Fails to include legally required disclosures and notices in its customer contracts, including notice of a customer's right to cancel a contract within five business days.
* Provides detrimental advice to customers, such as recommending that they stop making monthly mortgage payments, ignore communications from their lenders and avoid consulting with non-profit housing counseling agencies.
* Targets Spanish-speaking consumers who are signed up by Spanish-speaking representatives, and then fails to provide the consumers Spanish-language contracts as required by law.

California State Bar Press Release San Francisco, August 12, 2009 - Continuing its aggressive pursuit of lawyers who commit professional misconduct by taking advantage of vulnerable homeowners, The State Bar of California announced today that it has obtained the resignations of two lawyers and filed charges against a third for their loan modification activities.

The State Bar's special team on loan modification complaints continue to investigate more than four hundred active complaints from consumers about lawyers' roles in loan modification scams.

Be weary of what's out there!

Shawn
http://www.diyloanmodkit.com
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Do-It-Yourself-Loan-Modifications

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