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Certified Loan Modification Officer

October 17, 2007

in Community Blog

certified loan modification officer

Fox News – Free methods for home loan modification

“The evil that is in the world almost always comes of ignorance, and good intentions may do as much harm as malevolence if they lack understanding.”

Albert Camus’ quote about good intentions accompanied by ignorance doing as much harm as evil perfectly describes the recent Fox News “Investigative Report” on free methods for home loan modification. Let’s give everyone report the benefit of the doubt and say they all seemed very earnest, sincere, and full of good intentions. Let’s also grant that a one minute and fifty-three second report can completely cover the complexities of loan modifications. Then let’s take a look at the quotes from the report to see if the ignorance presented could possibly do as much harm to those considering paying for a loan modification as the evil in the world.

·         “The exact same information is available, and it’s free!” – Wow, it sounds like Fox News just learned about the internet, where there is so much information on loan modifications that if all of it was put on paper there wouldn’t be a tree on the planet left standing. Let’s be clear, in loan modifications as well as a thousand other subjects what matters is expertise, specifically an attorney’s expertise. We’re talking about your family’s home here and Fox News arms you with a brochure and sends you in against a lender’s group of attorneys with decades of experience. Who do you think is going to come out smiling?

·         “They can get the service for free from so called housing counseling agencies” – Umm, ok. What kind of experience does my housing counselor have in this arena? Is my counselor going to represent my interests to my lender in a manner that gets me the best loan modification possible? Is my counselor going to represent me at all?

·         “If we can’t modify their loan they’re not out any money”, as quoted from a seemingly well-meaning woman from The Inland Fair Housing Board – Yes, this is exactly the attitude I want in the people trying to save my home. “I was incompetent and didn’t understand the small print hidden in your mortgage doc’s. Because of that you lost your home. Hey, at least you’re not out any money”.

·         “In fact, dozens of agencies in the Southland are certified by the U.S. Housing Dept.” – The real name is actually Housing and Urban Development (HUD). Anyway, if go to the site to get a link for a local agency you get this warning: “HUD cannot attest to the accuracy of information provided by linked sites. Linking to a website does not constitute an endorsement by HUD, or any of its employees, of the sponsors of the site or the products presented on the site.” Now that’s an endorsement! Honey, I think our home is safe now.

·         “We are the best kept secret in the U.S.” – Another quote from the “they’re not out any money” lady. You could have fun with that statement for a week but really, don’t you think that if these free loan modification services were kicking butt and taking names that somebody would be out there with a case study or two?

·         The Compton event where they did 1,600 loan mod’s in one day for ”free, free, free” – It’s a certainty that the much maligned lenders that attended this event got a ton of “free, free, free” positive publicity. The only thing that could have made it any better for the lenders that day would have been to have their best negotiating teams cutting fast deals with homeowners that had no legal representation and only a vague idea of what kind of terms to ask for. Oh wait, that did happen. Yet again, who do you think came out smiling?

The sad thing about an “investigative report” like this is that there will be families that take the well intentioned ignorance put forth by Fox News as valuable information from a trusted source. Sadder yet, will be the consequences they face for believing that they could save a few bucks while risking it all in a game that they were simply not prepared to play. For more information call 1-800-470-0865 or visit Feldman Law Center.

The information contained herein is provided for general information and advertising purposes only and is not intended to convey a legal option nor legal advice for any particular case or situation. Nothing in this article shall create an attorney-client relationship. Nothing sent to this law office via e-mail shall constitute an attorney-client relationship. Nothing contained in this article shall be construed to be a guarantee or prediction of result. Prior results are provided for general information purposes only and do not guarantee, warranty or predict a similar outcome with respect to any future matter.   Results achieved depend on individual circumstances and not everyone will qualify or be successful in restructuring their mortgage loan.

About the Author

The Feldman Law Center is one of the premier loan modification companies in California, and our skilled loan modification professionals are trained to successfully and carefully guide homeowners through the loan modification process.

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