TRIAL MODIFICATION SCAMS
Typically this is how it works.
You listen to the radio or see it on the internet and get sucked it to what sounds like a great deal, a real cheap way to get a loan modification for very little money. The company or law firm tells you they can get you a trial mod for $795.00 to $995.00 and all you have to do is follow up with your lender in 3 months and presto bingo bango out pops a permanent loan modification. Please don't forget to read the fine print disclosure of "We cannot that your guarantee your lender will perminately modify your mortgage". They have to say that! Because what's going to happen in 3 - 4 months? Your lender will DECLINE you and escalate the foreclosure process. Whether you know it or not, when you are in a Trial Mod the foreclosure process and delinquent payments continue while your lender is collecting the trial mod payments. A trial loan modification does NOT hit the reset button or indicate your lender or the government will consider a long term loan mod unless you make your payments on time and the income information that got you the trial mod is what you can support with documented income. You know what they say, don't you? Typically, if it looks like a Duck, walks like a Duck and quack's like a Duck, it's a Duck!
At the Feldman Law Center we will tell you if you qualify for a Trial Mod Program under the government's HAMP guidelines for FREE. Call us today at (800) 527-8497 and see if you qualify. We won't charge you a dime!
Advance Fees and Loan Modification Services
If you are behind in your mortgage payments, you may be contacted by individuals or companies that will offer to help you work out a loan modification with your lender or provide other services to you in order to help you prevent a foreclosure on your home. October 11,2009 California passed Senate Bill 94 no longer allowing Attorneys or Real Estate Brokers to collect fees until the contracted services are completed. A Broker must actually get you a loan modification before they get paid anything. An Attorney must complete their scope of service before recieving any compensation. We support SB94 and will not colect fees for legal services until rendered.
You must be very careful if you are asked to pay for any of these services in advance, whether in cash or by charging your credit card. First, California Civil Code Section 2945, which regulates "foreclosure consultants", forbids anyone, including a real estate licensee, from collecting any advance fees for these types of services if a Notice of Default has been recorded against your property. If your lender has recorded a notice of default, do not pay an advance fee to anyone. There are non-profit agencies that can assist you without charging you a fee and real estate brokers who can represent you for a fee to be paid after they have completed their work. For information please call our office for details on how we work within the SB94 guidelines set forth by the state of California.
If you have recieved a Notice Of Default or Notice Of Trustee Sale you should imediately consult an attorney. Call us at (800) 527 8497 for a FREE and CONFIDENTIAL conultation.
Before you pay an advance fee to anyone for assisting you, first call the Department of Real Estate at (916) 227-0770 to find out if an advance fee agreement is on file.
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