The thought of losing your home is a terrifying one. Unfortunately, there are companies who prey on this fear. These companies will claim to be able to help you with your mortgage, but can end up scamming you – out of money, and even out of your home. To make sure that you protect yourself and your home, there are some signs that you should be looking out for if you choose to hire someone to help you modify your mortgage.
First, a company should never guarantee that they can get you approved for a mortgage modification. Getting approved for a mortgage modification is never guaranteed. Because each mortgage modification must be applied for and then approved by the individual mortgage company, there is simply no way to guarantee that your mortgage modification will be approved.
Additionally, if your mortgage modification was rejected the first time, and you choose to hire a company to help you appeal that decision, there is no way to guarantee that your appeal will be approved. Be wary of any company that guarantees to be able to do this.
Second, a company should not guarantee that they can lower your monthly mortgage payment. A lower monthly mortgage payment may occur, but sometimes the mortgage payment actually increases for a period of time , or for the life of the loan. In these cases, a mortgage modification may still be beneficial because it can give you some other benefit, such as avoiding foreclosure, or making you current on your account. However, if a company guarantees that they can lower your mortgage payment, be cautious because that is simply not something that they can guarantee.
If a company is asking you to sign over your home in exchange for your help, they are not helping you. Scammers have gotten creative with this scam to make it sound realistic. For example, they may tell you they need you to sign your property over to start the process, or that you can do a rent-to-own type of agreement where you rent your home from them and eventually own the home again. Do not sign your property over to anyone! If a company is asking you to do this, they should be reported immediately. Further, if the company is offering to purchase your home for less than it’s worth or offering to purchase your home at all, they aren’t trying to help you with a mortgage modification.
If you do choose to hire an attorney, make sure that the attorney is an actual attorney and is licensed to practice in your state.
If you choose to hire someone to help you with your mortgage modification, make sure you check out the person or the company before hiring them. Research the name of the person and/or the company using a simple Google search to see if any reviews or anything else comes up. Many times, companies have official sounding names to trick homeowners into thinking they are associated with the government when they are not.
Additionally, as a general rule, you should never sign a paper that you don’t fully understand. If you hired a company to help you with your mortgage modification, they shouldn’t be asking you to sign papers without understanding what you are signing.
The Mortgage Modification Center
Before you hire a person or a company, speak with them and see if they can answer all of your questions. Make sure that you can trust them, and that they are a good fit for you.
Attorney John S. Simonian, of the Mortgage Modification Center, is a local attorney who has practiced law for over 26 years. His office is conveniently located right off the highway in Pawtucket, Rhode Island, and Attorney Simonian is licensed to practice in both Rhode Island and Massachusetts.
Throughout his 26 years of practice, Attorney Simonian has handled hundreds of mortgage modifications on behalf of his clients. He has experience working with the mortgage companies, and as an attorney, he will protect your rights under the law. In addition to dealing with mortgage modifications, Attorney Simonian also helps his clients with bankruptcy and other financial matters.
Attorney Simonian understands that facing foreclosure or other mortgage trouble can be very stressful, and he takes each client seriously. In order to find out if a mortgage modification may be right for you in your particular financial situation, Attorney Simonian offers a confidential and free initial consultation to determine the best course of action for you.
To speak with Attorney Simonian and the highly-trained staff of the Mortgage Modification Center, please call at (401) 467-7998.