As the dark clouds of economic slowdown are darkening more and more people are looking at loan modification as an option to save their home from foreclosure. Loan modification alternative is available to the home loan borrowers just once and the borrowers must be very careful about how to use this option to turn the tables in their favor. Unfortunately there are several predatory modification companies which by promising to help the distressed borrowers, stab them in the back. Any borrower exploring the option of loan modification should be very careful about utilizing the services of such companies. As the arena of modification is relatively new, several modification companies are mushrooming all around the country and the borrowers are totally confused about whom to trust and who not.
To make sure that as a borrower you are seeking the loan modification assistance from the right company you can follow the tips mentioned below:
oWhen seeking modification assistance from a company, check out its background on the internet. Look out for a loan modification company which has been there in the market for a long time and is well known.
oLoan modification companies tend to make big claims in their advertisements and promotional campaigns but it is your job to find out the truth behind it, if you are planning to avail the services of the company. Talk to its clients directly if possible. Client testimony in these kinds of cases is most reliable source of information.
oRefrain from availing the services of a virtual company. A company which only talks to you on phone or interacts with you through a website is not at all reliable. Check out the business license of the company. Check out its registration with the local chamber of commerce or better business bureau. Verify the office location and if possible talk to the employees also.
oAs per many state laws, the modification companies cannot charge upfront fees. Moreover, it is not even fair to charge a client upfront who is already in financial turmoil. Not all the companies charging upfront fee are counterfeit but it is good to be cautious of such companies.
Research fraud elite legal network is one such group of legal professionals who are working hard to help home loan borrowers who have been duped by fraudulent modification companies.