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With many sub-prime mortgages with adjustable rates resetting at significantly higher interest rates many hard working Arizonians are finding it increasingly difficult to make their monthly mortgage payment. As the mortgage payment due date grows closer many Arizona home owners become desperate to save their homes and in their panic they reach out to any source that seems to offer a way out.
Homeowners listen to news reports which state that there are government programs designed to help people like them but when they contact their lender they get the run around. When it appears that the government isn't helping and the lender doesn't care there is despair and into that void arrives an advertisement for the “loan modification specialist.” These advertisers piggy back off of the very really potential that lenders might be willing to modify their loan by lowering their interest rates, place missed payments onto the back end of the loan, or even lower the principle balance due.
Arizona homeowners must be aware that even though legitimate programs exist which help lenders modify their loans, the unscrupulous loan modification specialist usually ask for money upfront then do little or no work on the case. Many loan modification specialists tell the homeowner to stop making their mortgage payments and then homeowner usually falls further behind because the money that should have been going towards mortgage payments was instead paid to the specialist. It is only when it is too late that the homeowner finds out that a foreclosure was started instead of a loan modification.
Arizona homeowners must be aware that just because a bankruptcy attorney's name is used in the loan modification advertising this does not insure that the loan modification will be properly handled. Unfortunately, bankruptcy lawyers have been lured into "partnerships" with loan modification scammers in return for what appears to be an easy pay day. Under this scenario the bankruptcy attorney places his/her name on the advertisement or even onto the loan modification contract. The problem arises when the loan specialist does all of the work and the bankruptcy lawyer does nothing. It is probable that the type of actions described above would constitute a violation of the Arizona Ethic Rules which bar fee sharing with non-attorneys, and/or allowing the unauthorized practice of law.
Arizona homeowners who are considering hiring an attorney to assist them during these trying economic times should inquire into the bankruptcy attorney to make sure he/she is actually doing the work. If you are like many Arizona homeowners and you are upside down on your home loan you would be wise to consult with a bankruptcy attorney to understand your options before paying over thousands of dollars to a loan specialist.
For a free phone consultation contact the Law Office of Raymond A. Kenney at 623-234-3536, http://www.rkenneylaw.com
Raymond A. Kenney is the founding member of the firm. He has been licensed to practice law since 1987. Mr. Kenney is an experienced Arizona attorney who has established a reputation for providing practical solutions for his clients' legal issues. As an Arizona and New Jersey lawyer, Mr. Kenney has passionately represented clients in a variety of legal areas in both the state of Arizona as well as the state of New Jersey. Law practice consists of Bankruptcy Law, Family Law, Business Law,Estate Planning and Real Property issues.By establishing the Law Firm of Raymond A. Kenney, PLLC, Mr. Kenney is dedicated to getting to know his client's full legal and personal situation so that by working as a team, Ray and the client, can fully access the client's legal issues and only then craft the best approach to dealing with the legal matter at hand.
Loan Modification Scams
With many sub-prime mortgages with adjustable rates resetting at significantly higher interest rates many hard working Arizonians are finding it increasingly difficult to make their monthly mortgage payment. As the mortgage payment due date grows closer many Arizona home owners become desperate to save their homes and in their panic they reach out to any source that seems to offer a way out. Homeowners listen to news reports which state that there are government programs designed to help pe...
[Posted: 2010-12-08 15:48:22]
Car Loan reaffirmation agreement
I have a loan on my automobile and no equity in the vehicle will I lose it in a Chapter 7 Bankruptcy filing? If your goal is to keep your vehicle when you file a Chapter 7 bankruptcy case it is an attainable goal. You need to keep in mind that the lender on your automobile will receive notice of your bankruptcy filing and will closely monitor your bankruptcy case as it proceeds through the process. Either because you were behind on payments or because the vehicle is uninsured your lender may ...
[Posted: 2010-09-13 13:53:26]
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