Veteran and Successful South Jersey Loan Modification Attorney
Protecting You from the Loan Modification Process
“I had a potential client who called. He and his lawyer were negotiating a loan modification for over a year. He kept on sending documentation to the mortgage company and was told not to pay. Now the home is scheduled for Sheriff Sale after the individual was relying for the past year that the mortgage modification would go through. So even when one is dealing with “legitimate” loan modifications, there is potential for a horrible situation for consumers who rely for months on mortgage companies, are strung along, get deeper in debt and they may lose their home.”
When you are fighting to keep your head above water financially and are afraid of losing your home through foreclosure, the loan modification services advertised on television and the Internet can seem like just what you need. Don’t be fooled!
Many of these companies are dishonest, engaging in fraud to prey on your desperation. In most instances, you will only increase the arrearages on your mortgage and, in a worst-case scenario, you could lose your home outright. Other legitimate companies can string you along for months, deny your loan modification without due process and you can still loss your home.
At Taieb Law, we have provided comprehensive legal counsel to people throughout South Jersey for more than 26 years, focusing our practice on bankruptcy and other ways of resolving personal financial problems. Attorney Taieb is the author of The Debt Trap: How Your Life Choices Impact on Your Financial Future, a book that provides guidance to people facing all types of financial difficulties. Steven Taieb is also board certified in consumer bankruptcy law by the American Board of Certification, one of only six lawyers in New Jersey with that designation.
We understand the allure of the quick fix offered by the many loan modification programs, but we are committed to implementing the best solutions to resolve your problems once and for all.
We provide a confidential consultation to every client. To set up a meeting, contact our office by e-mail or call us at 856.235.4994.
Don’t Be Fooled by These Common Loan Modification Programs
In today’s housing market, where many homeowners have unmanageable payments, loan modification scams abound. Here are some of the most common:
- Bogus government loan modification programs — In this scam, the company holds itself out to be affiliated with or approved by the state or federal government, and may use acronyms or terms that are found in existing programs, such as FHA, MHA or similar terms. Customarily, they will tell you that you must pay substantial fees in order to qualify for the government’s loan modification program. Once you have paid your fee, you never hear from them again.
- Fake foreclosure rescue programs — Many loan modification companies offer to negotiate directly with your lender, provided you pay them a substantial fee up front. They will usually refer to it as a “processing fee.” They will then ask you to make your mortgage payments directly to them while they negotiate with your lender to stop or avoid foreclosure.
- False “loan audits” — Some companies will offer to review your loan to see if your lender violated any state or federal lending laws. They will ask for a fee up front. Again, if they want money before they provide any services, you should not engage their services.
- False documents and rent-to-own schemes — In the worst case scenario, some con artists will present you with what they tell you are new loan documents, at terms more favorable for you. In reality, you are signing away title or deed to your property. A variation on this scam has you agreeing to deed your property to the company while you lease it from them, with the promise that you will be able to buy your property back at some point in the future. Of course, the promise is false.
Contact a Skilled New Jersey Bankruptcy Attorney
We are a debt relief agency and are pleased to help clients file for bankruptcy relief under the U.S. Bankruptcy Code.