If you are a homeowner, it is important to understand your rights under the law. The Federal Trade Commission (FTC) works to protect consumers, including creating rules to protect mortgage-holders. Specifically, the Mortgage Assistance Relief Services (MARS) Rule which makes it illegal for debt relief companies to collect a fee from you until you have actually received an offer of relief from your lender and accepted it. In other words, you should not pay for their services until you get the result you want.
Unfortunately, there are many loan modification companies that offer their services but that do not abide by the law. When you are looking for a mortgage loan modification, the FTC website advises that you should avoid a company that:
- Makes promises or guarantees that they will get you a loan modification or stop your foreclosure before they know your circumstances
- Advises you not to contact your lender or your lawyer
- Makes claims that all or most of its customers get loan modifications or mortgage relief
- Requires you to pay an upfront fee before providing you with any services, unless it is an attorney you have investigated
- Accepts payment only by cash, cashier’s check or wire transfer
- Advises you to lease your home so you can buy it back over time
- Requires you to make your payments directly to them rather than paying your lender
- Requests you to transfer your property deed or title to it
- Offers to buy your home for cash for much lower than the selling price
- Pressures you to sign documents without giving you an opportunity to read them
If you are considering a loan modification or you need other debt relief, call DeLadurantey Law Office, LLC, for help.
If you would like a down-to-earth approach and a lawyer who will listen carefully to all your questions and concern, call DeLadurantey Law Office, LLC,at (414) 377-0518. We serve clients primarily in the areas of Chapter 7 and Chapter 13 bankruptcies, debt negotiations and defending foreclosure actions. If you live in the area of Milwaukee, Wisconsin, call us for the debt relief assistance you need. Visit our web site and like us on Facebook.