Over the past 4 years thousands of companies have emerged to take advantage of the declining real estate market. Primarily loan modification, short sale and credit repair companies are the first to come to mind. When the market began to slide and millions of people began to feel the financial crunch the government was excited about
the fact that industry professionals would step in an assist home owners with their needs.Unfortunately, the exact opposite happened, the fly by night companies who only saw dollar signs took advantage of the situation and the homeowner leaving a very bitter taste in the public’s mouth. It is always the same; a few bad apples ruin it for everyone else. These scam artists would claim to be able to get a loan modification done for the homeowner but would really just take their money and never speak with the customer again. As a homeowner you must also be cautious of attorney based loan modification companies. The problem with a loan modification is that the homeowner is still at the mercy of the bank. What is foreclosure defense and why is it your best chance at saving your home? Foreclosure defense is the process in which the homeowner retains a foreclosure defense attorney to file counter claims against the homeowner’s bank. This is 100% legal and will stop the foreclosure process while the attorney litigates on behalf of the homeowner. This could take eight to 24 months depending on what charges are filed against the bank. Because the homeowner is filing charges against the lender the lender must engage in a drawn out court case. Unlike a loan modification the homeowner is no longer at the banks mercy. The exact opposite has now happened; the bank is now at the homeowner’s mercy. Plus no attorney would put their law license on the line for a few hundred dollars per month. When you retain a foreclosure defense attorney you will be able to track progress and that is the real key to success. Banks will want to settle with you, it is in their best interest.