How Do I Know Someone is Truly a Loan Modification Specialist?

Chances are you see commercials all day long with attorney's offering to do loan modifications for troubled homeowners. It seems I see or hear offers all the time that will help you save your home. I even get solicitations in the mail myself. So many ways get help, so little time.

It's funny but some of the attorneys I see advertising to help with loan modifications were strictly personal injury attorneys just a few years ago. People are cashing in on all the homeowners down on their luck these days.

A couple of friends of mine went to an attorney to get help with the modification on their mortgage and paid thousands of dollars to be ultimately be turned down by the bank. Now they are trying again on their own.

I have even seen an attorney go as far to say, "You don't need an attorney to get a loan modification. Come in and see us for your "free" packet." Foreclosure rescue specialists are even calling people to offer them assistance, but who do you trust? How do you know who's legitimate?

First legitimate foreclosure consultants don't call you; you call them. When the sharks smell blood in the water, they're ready to attack. Scam artists can easily find if your home is up for foreclosure by going through your county records for notices of default. The first sign of trouble is they offer to work with your bank on your behalf as soon as you pay the service fee, which is paid upfront. The moment you do that your money is gone and you'll never hear from them again. Another nasty scheme is to have you sign a note that will bring your existing mortgage current, but in reality you are signing the title over to a con artist.

So who can you trust when facing foreclosure? Start by contacting the National Foundation for Consumer Credit Counseling at 866-687-6322. They have housing counselors that can help you. You can also visit their Homeowner Crisis Resource Center at http://www.housinghelpnow.org/ and at the Federal Trade Commission site www.ftc.gov/bcp/edu/pubs/consumer/credit/cre42.shtm. If you have been a victim of foreclosure fraud, contact the Federal Trade commission at www.ftc.gov or call 877-FTC-HELP and your state attorney generals office.

I would say attorney's are professionals you can go to as a last resort for loan mod assistance. I truly would try working with your bank yourself first, but you need to do this the minute you are sixty days late. Don't wait until it's too late and the bank is getting ready to start the foreclosure process. If you really think an attorney is the way to go then definitely use someone who is knowledgeable in the matter. Although losing your home might fell like a personal injury that type of attorney probably isn't your best option.

[This post is written and copyrighted by Financial Elite (http://financialelite.blogspot.com/ ).]

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