You Walk away LLC Walked from mortgage modifications
You Walk away LLC Walked from mortgage modifications
The Attorney General of Indiana announced that they were suing five foreclosure consultant companies. Included in this law suit was "You Walk Away" LLC of California. The attorney General is filing law suits on these companies as a result of an investigation into alleged fraudulent business activity.
These companies like so many fraudulent foreclosure consultants have been charging distressed homeowners upfront for negotiation services and then never rendering these services. O to put it another way "You walk away" walked away with your money.
The Attorney General stated that, "We recognize there is a foreclosure crisis in the country. Indiana has the tools in place that can help consumers avoid becoming victims of for-profit foreclosure consultants' bad intentions," He further stated that "Free mortgage counseling resources are available to Hoosiers that should be explored before paying a foreclosure consultant."
The problem with this statement is that although there are far too many scam artists masquerading as foreclosure consultants, there are legitimate agencies that are established to provide negotiation services. These reputable companies are receiving a bad wrap as a result of the fraudulent business activities of these scam artists and statements like the Attorney Generals.
While his statement that there are "free mortgage consulting resources available" is in fact true, what is being ignored by the Attorney Generals office and other government agencies around the country, is the fact that these free consultant agencies are drastically unmanned and in many cases no assistance at all.
Get hope
Services such as 1-877-Get hope unfortunately do not provide sufficient help. Thousands of home owners have complained that these services keep you on hold when you call for exuberant lengths of time and when you do finally get help the consultant' you speak to is actually a method to deter you from speaking to an actual finance officer.
The fact is that these so-called free consultants are actually supported by the banks themselves. This is like hiring a prisoner to guard the jail hose.
So if you are a distressed homeowner who is concerned that you may be facing foreclosure what can you do? How do you avoid the scams and get help without staying on hold with Hope?
Get legitimate help
There are some common sense rules for finding a reputable foreclosure consultant:
Avoid an agency that requires a large upfront fee An upfront fee is often the first sign that a foreclosure consultant is fraudulent. A reputable agency will not charge you upfront for services they have not rendered.
Find some one who will fight for you and not just take the first offer provided by the mortgage company. Over 50% of the mortgage modifications that were created in 2008 went into default anyway. Do not let this occur to you, be honest with what you can afford.
Expect a free consultation by phone A reputable company will not charge you a deposit until they review your situation and know they can help you. A good reportable agency will use their time wisely and only represent you if they feel confident in their ability to be effective in your particular case.
Find an agency this is endorsed by an attorney - You should find someone who can legally stop the foreclosure.
Expect the agency that you are going to hire to be able to buy you time on your payments. -They should be able to freeze your payments up to 6 months, in the case of financial hardship. If your payments are frozen DO NOT SPEND YOUR MORTGAGE PAYMENTS.
Expect the harassing phone calls from your lender to stop- a reputable company will be able to "field" all harassing phone calls. They also will eliminate the need for you to be on hold for endless hours.
Expect the plan to fit your need - such as a low rate with a 30 to 40 year fixed term. They will be able to have late payments attached to the back end of your loan.
So do not let the media convince you that there are no legitimate agencies out there. If you use the criteria expressed above you will have success finding an agency that truly can help you. Just be cautious, not paranoid and use common sense when looking for someone to represent you.
Discover how you can ethically modify your home mortgage loan and save as much as 47% off your current mortgage payment in as little as 60 days without refinancing? For your FREE CD, FREE e-book, and FREE coaching call with Mortgage Modification Expert and Business Man of the Year Billy Alvaro visit our website Saint Jude's Mortgage Rescue
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