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Riverside County Loan Modification Lawyers on Reasons for Loan Workout Scams

May 22, 2009

As Rialto loan modification attorneys, we were very interested in a recent Washington Post column about why loan modification scams are thriving right now. The May 16 column by "The Mortgage Professor," Jack Guttentag, says borrowers get taken in by scammers in part because they want representation in their dealings with lenders -- not just counseling. Scammers meet that need by promising to act as the borrowers' agents, he wrote, but some are outright thieves and others deliver a service that isn't worth what it costs.

Guttentag started by listing the steps of a loan modification: negotiating a deal, delivering the necessary documents, verifying the information provided and following up to ensure that the paperwork doesn't get lost in the shuffle. Representation can't change the rules borrowers must follow, he wrote, but it can help simplify this complex process, make it faster and help borrowers avoid making costly mistakes. Many borrowers could do it all themselves, but some need help from a trustworthy agent who can direct the process. The federal government should recognize this and do more to encourage legitimate loan modification companies, he wrote.

As San Diego County loan modification lawyers, we agree -- but we wish his analysis had recognized the difficulty of actually dealing with a lender. For one thing the demand for loan modifications has skyrocketed in the past few months, and that means it's hard for our clients just to get a human being on the phone. Part of our job as a mortgage loan modification law firm is simply to get the banks' attention, whether that means leveraging evidence of predatory lending or simple persistence. Just as importantly, even well-educated people have trouble with the complex and detailed legal and financial issues in a loan modification. We take those burdens off the backs of clients who are busy, frustrated and sometimes paralyzed by financial worries.

Based in Orange County, Howard Law LLP represents homeowners throughout Southern California who need help negotiating a meaningful loan modification. We are not credit counselors or a brand-new loan modification company trying to exploit desperate homeowners -- we are a law firm, which means we face career-ending consequences for exploitive and dishonest behavior. Because we are Corona loan modification attorneys, we understand and can guide our clients through the complexities of a loan modification. For the same reason, we know when your rights are being violated-- and we can use any evidence of predatory lending to get your lender's attention. We're proud to say that we have successfully changed the terms of many families' loans, allowing them to stay in their homes at a lower, sustainable monthly payment.

If your family is struggling to get a fair, realistic loan modification, Howard Law can help. To set up a free, confidential consultation to discuss your case, please contact us online or call toll-free at 1-800-872-5925 today.