By Moe Bedard
Following suit with Treasury Secretary Geithner’s warnings, more foreclosure consultants are being sued by Attorneys General throughout the United States. Today, Indiana Attorney General Zoeller indicated he was suing five foreclosure consultants in his state. Personally, I think it’s a good thing that fraudulent foreclosure consultants are being prosecuted. However, I am increasingly concerned that many homeowners may not seek out trustworthy sources of foreclosure avoidance.
I ran a story Tuesday about Timothy Gheithner’s warnings to the public and the warnings of both the Illinois and Massachusetts Attorney Generals. The Attorney General of Illinois said that “…paying money up front for mortgage rescue services is a clear sign of a rip off and it is also illegal in most states.” While this is true for many foreclosure consultants it is not the case that paying an attorney an up front retainer for home loan resolution services is illegal.
My overarching concern is that the fear mongering that is currently going on in the media about loan modifications in general will translate to more homeowners deciding not to seek out help during the foreclosure process. The power of the media is overwhelming and I think that the average consumer, inundated with negative press about loan modifications, will come to think of all foreclosure services as completely fraudulent or something that only a homeowner should do for themselves.
WHY doesn’t someone crack down on Credit card collection agencies. This is a HUGE problem and is forcing people into bankruptsy just as badly as Foreclosures.
Our office has been running around like chickens with their heads cut off because of this. Luckily, we keep in constant contact with the FTC and the AG, but still people are now very skeptical and it frustrates me because there is actually help out there and REPUTABLE companies don’t even charge up front. My company will do your loan mod before charging you just by having the client sign a piece of paper promising to pay when all is said and done. If you are not a fly by night scam you don’t really become very concerned about WHEN you get your money, just that the customer is happy.
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I have personally saved people thousands of dollars through loan modification who would otherwise not had a clue how to approach their lender/servicer. Many of these people did not qualify under federal guidlines and needed professional help to prepare their case. I charge upfront, offer a substantial refund and collect a fair price for a valuable service.
The lawfirm we use charges $2500 up front with a 100% money back guarentee and a 5 day recission period.They will even take payments with $1500 down to start. Getting a Law firm to work on a file 3 months for $2500 is cheap. Most Attorneys make that in a day. Go try to get a lawyer to do your divorce with a 100% money back guarentee with 3 months of work for only $2500. Good luck. Call me at 800 547 9081 if you want a free analysis of your situation. Our Attys do a forensic audit of your file first as many mortgages violate federal law.