A Warning
If seeking a loan modification, you should be wary of a large number of fraudulent companies attemting to assist homeowners with the loan modification process. The fact that these companies are using seemingly reputable television commercials or websites as advertising mediums should not alleviate a borrowers concerns. The rapidly increasing number of loan modification scam-artists has temporaariley caught law enforcement off guard and it may take some time before these culprits are apprehended and their brazen actions are quelled. They are the new predators.
Borrowers should be especially cautious when dealing with companies that demand fees or post dated checks in advance of any services to be provided, as this practice in and of itself os prohibited by most state laws. This is illegal in Wisconsin.
A new Wisconsin statute pertaining to "foreclosure consultants" became effective March 6, 2009. This is section 846.45 and is part of 2009 Wisconsin Act 2. Also the company must be licensed as an adjustment service company with the state as provided in section 18.02 and Wisconsin Administrative Code ["Rule"] DFI-Bkg 73. **
For further assistance with a loan modification, it is advisable to contact an attorney. The U.S. Department of Housing and Urban Development has a list of approved housing counceling agencies at ww.hud.gov .
When a borrower attempts to personally modify a home loan, it is advisable to identify modification goals, understand the particular lenders modification requirements, frequently check on the status of the applications processing, and be very patient.
Anotary sent to you with documents cannot by law, give you legal advice or even an opinion. They are there to verify your identity and ascertain that you understatnd any documents that require notarization. It is assumed that you know what you are doing since the notary is not a party to any negotiations. That would create a conflict of interest.
They represent neither interests of the company that sent them or your interests. The notary is required to report suspected fraud, however to the proper autorities.
** Brian Isenhower "Home Loan Modifications Explained" Articlesbase.
I AM NOT AN ATTORNEY LICENSED T PRACTICE LAW IN WISCONSIN AND MAY NOT GIVE LEGAL ADVICE OR ACCEPT FEES FOR LEGAL ADVICE.