Daily I read accounts of distressed homeowners being bilked out of critical money for mortgage modifications that don’t happen. They never happen with nationally certified attorneys like the ones I represent, but the stories still abound. I’ve written vociferously about them in the past, and I recognize that my readers will get tired of reading them. But today I read one published in my home state of Colorado. Add to that some notable mistakes by the reporter, and I simply must respond. I fervently wish the distressed homeowner public would get better information (read: this blog).
CBS TV4 in Denver relates one more tale of a bilked homeowner. The couple paid ‘upfront’ for a non-attorney mortgage modification company which promptly disappeared.
The first ironic point here is that the Colorado Dept of Regulatory Affairs, in an executive Position 1.5 has decided that if a professional attorney is too successful at negotiating beneficial mortgage modifications; has decided they must also obtain a Colorado Mortgage Broker’s License. The national certified attorneys responded by saying ‘adios’ to Colorado as a place to assist distressed homeowners. If the attorneys I represent had been allowed to practice in Colorado, they would at least have been available to assist this couple.
KRMJ Channel 6 in Denver comments that because Colorado is so far removed from the headquarters of major lenders, they are less concerned about issuing mortgage modifications in this state. That simply is not true. DORA got hoodwinked into a knee-jerk reaction to the mortgage modification crooks out there and threw out the baby with the bath water.
Next, once again, the reporter fails to define ‘up-front fees.’ Unlike these non-attorney mortgage modification companies, Professional attorneys always have a free initial consultation. The potential client must qualify before a fee is collected. But attorneys don’t work for free. One must pay a retainer before they go to work.
And now, for the big laugh of this article: The company they cite had a B+ rating from the Better Business Bureau. Every attorney in the mortgage modification industry has an F rating. Why? because the BBB doesn’t rate attorneys. (They do rate the industry. Shows how much they know too, huh?) Attorneys are supervised by that state’s Attorney General. Attorneys licensed in multiple states (like the ones I represent) are also supervised by the U. S. Dept. of Justice. CBS TV4 can’t and won’t find a USDoJ supervised attorney in any trouble.
One more time, that tired old advice that mortgage modification help can be had for free is trotted out. And one more time, KRMJ TV6 offers that same free help. They admit they are 10% successful at obtaining mortgage modifications. (The attorneys I represent have a 97% success rate.) There are no statistics as to how beneficial those terms may, or may not have been. Lately, they have featured a local Real Estate agent stating that foreclosure may be a distressed homeowner’s best option.
Yikes! Still again, free help is worth what you paid for it.
So, Colorado and your media, get this: Throw out the really successful mortgage modification attorneys and settle for the amateurs, and depend on the BBB for all your recommendations. Sheesh!
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The internet being what it is, certain search terms need to be empahasized so that you can find the best information. The REST Report is best classified as loan modification software, or mortgage modification software. It’s claim to fame is that you use it to calculate Net Present Value exactly the way the banks do, using the same software. It is best used as a do it yourself loan modification or do it yourself mortgage modification. loan modification and short sale are beneficial foreclosure alternatives that benefit both homeowner and mortgage investor and make the mortgage servicer do the loan modification process in good faith. They must comply with the mortgage relief act in the mortgage loss mitigation process. I have offered loan modification services for three years. Our loan modification success is 4000 successes out of 4000 submissions. I’ll be happy to send a loan modification example in the form of a sample REST Report. I also have a proven loan modification hardship letter developed over three years of practice.
This YouTube video says it all. Go here: How to Get A Beneficial Loan Modification Now Please ‘Like’ the video, will you? That makes it easier for others to find.
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Originally posted 2009-11-17 21:23:13. Republished by Blog Post Promoter
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It’s terrible that distressed homeowners would need to face one more challenge. It’s interesting that our own DORA is so far removed from this situation. It’s still the wild west.
Jay
gpbusinessinsurance.com
A cheated mortgage modification story in Colorado – http://t.co/Gvr4m1yS
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