Borrowers Beware - Loan Modification Companies and Foreclosure Rescue Companies

June 22nd, 2009

Therefore, if there is even a possibility of a foreclosure, it makes more sense to hire the attorney sooner rather than later. Beware of these Mortgage Rescue companies. Many of them are out-of-work mortgage realtors and mortgage brokers. If you are tempted to engage one of these companies, please make sure you review the recently enacted law by the Florida Legislature which specifically targets these companies, The Florida Foreclosure Fraud Protection Act. Among other things, this law prevents these foreclosure rescue companies from getting paid up front and also requires a “Cooling off” period. The Banks have lawyers. You should have a lawyer on your side.

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