The best way to protect yourself against fraudulent Long Island loan modification is to know the ways to detect a possible scammer. It also helps to learn a few things about the real deal surrounding loan modification and how the law can protect you. Bear in mind that the law is there to protect the people and not work against them.
Markings of a Suspicious Loan Modification Specialist
A good way to let others know about the products or services that you are selling is though advertising. You can promote your business by giving out flyers, posting on the net, or other popular methods. You can also directly offer your business to potential clients. However, it is different if the service offered is about Long Island loan modification.
If the offer seems too good to be true, then it might just be the case. Professional scammers know what to do to lure their victims and where their potential victims can be found. Do not just accept the offer from a stranger for a loan modification. Do not get deceived by the content of a flyer. Do not get pulled and be fooled by the glamorous web page of the loan modification specialist. You need to do your own investigation or transact only with the specialist with a good reputation to keep and years of excellent service under his or her name.
Be suspicious if the specialist quickly made a guarantee that you will be able to get a loan modification if you get his or her services. Don’t think twice and back out immediately if the specialist requires you to pay an upfront or advance fee (specially if he or she does not have any credentials for being a lawyer), redirect your mortgage payments, sign an agreement or contract, stop paying your loan, and/or hand over the title to your property. Loan modification is a tedious process that cannot be accomplished in a snap. Expect a lot of documents and follow-ups when you apply for a loan modification.
You also need to be wary of groups or individuals who have enough knowledge of the law, but do not have a license or credentials to give services that only the expertise of a lawyer can provide. These individuals are smooth talkers. They know how to stir people’s emotion and touch the spot where they can create much damage, and the unsuspecting victim will only find out when it is already too late.
If you have a list of specialists to consider for your Long Island loan modification, then you need to make certain to get only the legit one who can provide the right solution.
What to do when you Encounter a Fraudulent Loan Modification Specialist?
If you think that a certain loan modification specialist is deceitful, then you can report the transaction in question and contact the Attorney General in your locality.
You need to report it immediately and prevent others from becoming victims of the scammer.
If you have not encountered such individuals and you have a plan to apply for a loan modification, then it is best to equip yourself with the basic knowledge of the law. Companies that offer loan modification services in New York (and in most areas) are strictly prohibited to ask for advance fees from their clients for their services.
However, in cases where a practicing lawyer gave assistance regarding the matter and the client has required his or her expertise as a lawyer, then that lawyer can ask for an advanced fee. The advanced fee is for the services that he or she has to render as a licensed attorney who give his or her services as distressed property consultant and not for the loan modification. That part of the law was amended in December, 2009.
Protect yourself from a fraudulent Long Island loan modification scheme, know your laws and be safe from scammers.