“My Modification Was Denied, Now What?” – Short Sale

N. Pasha, Esq. — Sat, 17 Apr 2010 22:39:48 +0000

Now that the loan modification fad seems to be on its last rope with all the chop shops going away and the ridiculous expectations that some borrowers were given, it is now time to face reality. Your loan modification has been denied. It may have been denied because there is no program available for your situation or you did not qualify because you did not have enough or had too much income.

If you are having trouble paying your mortgage and you want a solution that has minimal impact on your credit compared to a foreclosure, consider a short sale. A short sale is like the regular sale of your home except your home’s value is worth less than the amount you owe to the lender. You must negotiate with your bank to approve this type of sale so that you will not be liable for the difference in the amount still owed.

It is not for everyone, but a short sale is a very easy, no out of pocket cost solution after a modification denial. The most important component of a short sale is that you need proper and professional attorney or broker representation to negotiate with your lender. Many brokers approach a short sale like a regular real estate transaction and they make many mistakes. Use the contact form to the right to determine if a short sale makes sense for you or for a vetted referral.

Suspicious Loan Modification/Audit Companies – List Them Here

N. Pasha, Esq. — Fri, 18 Sep 2009 02:13:14 +0000

This list (a work in progress) represents companies in California or doing business in California providing loan modification or loss mitigation services that are suspected to either not be licensed, collecting fees illegally, sharing fees with attorneys, providing legal services as non-attorneys, not providing a legitimate service, or is operating a possible scam. If you are a principal of this company, you are free to submit any information or documentation that would rebut this information. Please keep in mind that circumstances may change, and most of the following represents only the opinion and not a statement of fact of the author. Much of this post is based upon investigating with the Signs You have Been Scammed.

Furthermore, many of these posts demonstrate a mere technical violation of law or regulation. Keep in mind that if a company can not stay within the law, how do you expect them to be competent in providing services for you.

Here is the running list of possible scams and other suspicious companies.

Do not forget one of the best lists for sketchy companies: http://secure.dre.ca.gov/publicasp/unlicenseddnr.asp and companies with desist orders relating to modifications from the DRE. Have a suggestion of another company? Leave them in comments below.

Go to these links if you have been scammed by a real estate broker or scammed by an attorney.

Modification Fraud & Scam » Featured

“My Modification Was Denied, Now What?” – Short Sale

Suspicious Loan Modification/Audit Companies – List Them Here