Every morning, we like to read up on industry news and find out what is effecting people . Unfortunately, we continue to find too many articles about scams involving people looking for help. It got us thinking, how can someone know that they are going to work with a company they can trust? Here’s some things we believe are good indications of a company that has your best interest at heart.
- Are Advance Fees involved? If yes, there needs to be an advance fee agreement. Many California companies have an advance fee agreement on file with the Department of Real Estate.
- Are advance fees charged? In 32 states, we only charge our clients for work performed. That means we detail the services that will be performed in your contract and then charge you only when that service is complete. This is extremely uncommon but more in line with protecting the consumer.
- Are you being promised EVERYTHING? Run fast from someone who makes promise after promise. The truth is, we are in a negotiation with your lender and the outcome is not guaranteed. We know how to present a package, we know what a good file looks like and we know what is typically going to be successful. This all helps us take on files we feel we will lead to a successful outcome, but it doesn’t guarantee it. We will be up front with you about your chances and sometimes, that means we have to turn people down.
- Is someone telling you to miss a mortgage payment? Yikes. This is dangerous territory. We will never flat-out recommend you skip a mortgage payment if you can afford it. this goes back to the fact your outcome is not guaranteed and we don’t want to see you fall deeper into a hole if it is avoidable. We might at times tell you that your lender would be more receptive if you were late so you have all the facts at your disposal, but you have to remember that you have an obligation to make that payment first and foremost.
- When you call in for updates, is anyone taking care of you? This is a little tough to know before you have signed on as a client, but it’s important nonetheless. We’ve read about situations where someone sent $4,000 to the company they hired and all of a sudden couldn’t find anyone to talk to them.
- Do you feel comfortable? It’s probably not a good idea to send someone your money if you don’t feel comfortable with the situation and quite frankly, any good company is going to want you to be comfortable before working with you. That sounds harsh, but it’s a long process and any disconnect between a mitigation company and its clients hurts the process.
These are just a few things and there are surely other indications. Feel free to leave your comment and let us know what you think indicates a reputable loan modification company.
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