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Photo of attorneys Shelley Slafkes and Bruce Levitt
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Avoiding Loan Modification Scams

On Behalf of | May 17, 2017 | Avoiding Scams, Loan Modifications

If you are currently in danger of losing your home, most likely you are exploring all options while still attempting to tread water financially. Fear of foreclosure can cause a substantial amount of stress for any homeowner, increasing as you try to go it alone in seeking a viable solution. Consult with an experienced mortgage modification attorney who will review your case, explain your options, and help you fend off foreclosure.

A Loan Modification May Prevent Foreclosure

You may be able to avoid foreclosure by talking to your lender, refinancing, or asking for a deed in lieu of foreclosure; however, many homeowners may apply for a loan modification instead. Most individuals who apply for ‘loan mods’ are already behind on payments and experiencing financial challenges. They may have experienced one or more catastrophic events that tend to push debtors into bankruptcy also, such as a serious illness or accident, unemployment, divorce, or other major issues that cause financial upheaval.

While hardship generally needs to be shown to qualify for a loan modification, you will also have the balancing act of proving to your lender that you can still make monthly payments, even when they are reduced. Because the lender may not be as easy to work with as you had hoped, you might find yourself seeking help from another party or a government program.

Loan Modification Scammers May Take Your Money & Run

If you are facing foreclosure, most likely you are willing to jump through most of the hoops that will be requested of you to save your house. If you are hoping for a loan modification though, you must know exactly who to avoid, as the industry is rife with scams. Considering all that you are dealing with financially, it’s unfortunate that now you must be suspicious of those offering help. You can save a lot of wasted time if you know what to expect from scammers though.

Here are indicators that you may be dealing with unscrupulous individuals:

  • Their name or logo sounds or looks like of a government program.
  • Company ‘representatives’ seem more like smooth-talking salespeople, eager to say anything to get you to commit.
  • The company does not seem to have a physical office for you to visit in New Jersey.
  • They ask for money (often thousands) before even reviewing any financial information.
  • They guarantee you will get a modification, often even before looking at your financials.
  • You are asked to pay for a financial ‘audit.’
  • They attempt to isolate you from your lender, instructing you not to speak with them.
  • They put you on a monthly payment plan (giving them no incentive to get you a modification quickly.

If you are dealing with a scam, one of the first things you will note is that they are pressuring you for money with no real concern for your financial well-being. Many companies who do so often take their client’s money without ever following through on any of their promises. This is unconscionable, criminal behavior-especially when an individual’s home is at stake. You can avoid being a victim by knowing which red flags to look for, as well as checking on questionable organizations through your local Better Business Bureau

Contact us for Help Now

If you are hoping for a loan modification, get educated, ask questions, and seek help from an experienced and honest law firm like Levitt & Slafkes, P.C.. Not only are we willing to help you get that loan modification you seek, we will fight to keep your home out of foreclosure if necessary.

Contact us today so our legal team can review your case and help you move forward in a way that suits your needs best. We are here to help! Call us at 973-323-2953, or contact us online to schedule a free consultation.