Loan modification is a fairly new industry and is not regulated. As a result, the market is rife with unethical companies purporting to provide loan modification, loss mitigation and stop foreclosure services. Homeowners are becoming victims to these companies daily and they should avoid companies that offer 100% guarantees or are not a law firm where an attorney is engaged to represent the homeowner personally as the client.
You should meet with the attorney personally and see that he or she has the experience necessary and that he or she is licensed by the State Bar of Arizona. There are plenty loan modification companies advertising “attorney backed”, “attorney assisted” or “attorney based” loan modification services. These attorneys are not your attorney and you are not the attorney’s client unless you have personally engaged an attorney to represent you. These companies should not mislead you or misrepresent the fact that they are a law office or that they have the ability to invoke your legal rights. In most cases these companies can only obtain an unaffordable loan modification (i.e.: forbearance agreement) from a lender.
If you are approached by a loan rescue, stop foreclosure or loan modification company to help negotiate your mortgage or stop foreclosure please be careful not fall victim and research them carefully. “Attorney based” loan modification companies are not law offices and should not be offering legal advice to homeowners facing foreclosure or negotiating legal contracts with your lender.
MDL has highly experienced and qualified mortgage attorneys and professionals that can help homeowners navigate through the uncertainties of what has quickly become perhaps the most challenging economic environment since the Great Depression. Due to the ever-changing and fluid nature of today’s economic environment, time is of the essence. Contact MDL today for a free consultation for you and your family.