How do you avoid being victimized during loan modification?

On behalf of Furr & Cohen, P.A. posted in chapter 7 on Sunday, August 7, 2016.

There are few things more unsettling than facing the real life possibility of losing your home. The foreclosure sign up in the yard broadcasts to the world that your family is having major financial problems. Not only is it embarrassing, it is expensive. You lose all the equity you’ve built into your home and you have to start over, paying bills on your former house while trying to set up bills on a new place and pay deposits there. You may still owe the bank in addition to losing your home. Moreover, if you aren’t careful, there are predatory companies offering relief that will take you for a ride and really leave you hanging out to dry.

There are some ways to avoid fraudsters when you are considering mortgage modification. One is to verify the license of the company and any employees you discuss financial matters with. All companies servicing loans are required to be registered and you should be able to verify their licensing.

Another thing to look out for is if the company asks for any payment upfront of fees. And all dealings should be written out in a contract detailing the services, expectations and commitments of each party.

If you are afraid of losing your home and are looking for any way to save it, don’t let an unscrupulous entity prey upon your desperation. There very well may be ways you can retain your house and you may benefit from contacting a Florida bankruptcy firm. The attorneys may be able to assist you in your loan modification and suggest real ways to achieve debt relief.