Alabama Foreclosure: Should I Hire a Loan Modification Company From Out of State?
Alabama Foreclosure: Should I Hire a Loan Modification Company From Out of State?
No.
How’s that for a direct answer?
I know it is a terrible idea to hire a loan modification company — whether in state or out of state.
You can either modify your own loan or hire an Alabama foreclosure defense lawyer to help you but don’t send your money to some non lawyer company that swears it will get your loan modified.
This area of the law is rampant with scam companies.
I’ve had dozens of people in my office crying after they gave so much of their money to a loan modification company but nothing was done and now they have been foreclosed.
Its not a good answer to say to a judge “Well, I got taken advantage of by this loan modification company out of Florida so that’s why I didn’t make my mortgage payments.”
Whoever you use, make sure you know the following:
- What exactly are you paying for?
- Exactly what is the fee you will be paying?
- What will the company do if the loan cannot be modified and you are about to be foreclosed?
There are other questions but I think you get the point — you need to know the plan and the cost.
Ultimately here the ways to stop a foreclosure:
- File for bankruptcy (chapter 13) — not my favorite approach but occasionally this is appropriate;
- Get your loan modified in writing so there is no room for games by the mortgage company; or
- File a lawsuit (preferably in federal court) against the mortgage company before the foreclosure as normally the mortgage company will stop the foreclosure once it knows it has been sued.
Contact Us.
While we are very selective on which foreclosure defense clients to take, if you have questions about your unique situation in Alabama, give us a call.
You can reach us by phone at 1-205-879-2447.
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We look forward to hearing from you.
Thanks for reading, and have a great day!