More and more Americans
are becoming unable to pay all of their bills, and looking for help wherever it
can be found. Sadly, there are those out there that know this is the state of
the Union and are taking advantage of those that are struggling. Unscrupulous
and dishonest debt consolidation companies do exist, and they prey on people
and families that don’t have enough money to pay all of their bills. The worst
of these types of companies are those that take your hard earned money in
exchange for a promise to help get you out of debt and save your home. One of
the most common promises made is that your mortgage terms will be changed, and
that you will save money on your mortgage payment each month so you can stay in
your house. But when this turns out to be false, you risk losing your home.
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If you are given a guarantee
of a modified mortgage, you might be working with a company that is not able to
help you. There are no guarantees of a certain result, and you should steer
clear of any one who makes you a specific promise.
•
If you are asked to pay a fee
before work is complete, you should second guess the company asking for payment.
•
If you are not provided
background information on the company’s experience and track record, you might
not be working with a reputable company.
•
Do not work with any company
that tells you it is acceptable to stop making your house payments. In many
instances homeowners that are able to keep current with their mortgage payments
should do so.
Each situation is different, with its own
set of facts and circumstances. And while there are plenty of companies waiting
to take advantage of a distressed homeowner, there are also plenty of options
for help. A good option to take is to talk with an experienced bankruptcy and
debt management attorney, who will be able to explain the legal ins and outs of
mortgage modifications.
For more information about
a mortgage modification, call us today or reach us online at www.law-ri.com. We offer appointments at multiple locations for
your convenience and can schedule a time to visit with you today.
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