The Consumer Financial Protection Bureau (CFPB) has filed an action against a law firm regarding it participation in a loan modification program. The allegations are numerous including making promises about the ability of the consumer to obtain relief and provide certain disclosures required by law.
NEVER PAY ANY MONEY TO SOMEONE FOR A LOAN MODIFICATION BEFORE THEY HAVE GOTTEN YOU A COMPLETED LOAN MODIFICATION
The most important violation was, however, charging fees up-front when doing so violates Federal Law including the Consumer Financial Protection Act of 2010. Anyone who is claiming to help you and charging you a fee for the help before results are obtained is violating the law. So let’s see, would you hire a lawbreaker to keep your money safe or give you financial advice?
I know that no one wants to file bankruptcy to try and save their home. I also know that no one will want to lose their home. Using a lawbreaker is not going to increase your chances of getting a loan modification.
The law is clear. If the person or company claiming to want to help you is so honest and sincere, why is it violating the law. If someone is willing to break one law, are they willing to break other laws? Why would you trust anyone who is knowingly breaking the law.
There is an agency that works to try and obtain loan modifications if you live in the Charleston, South Carolina area. This agency is called Family Services, Inc. and it charges nothing to try and obtain the loan modification. It can be reached at 843-735-5530 and is funded by charitable donations.
Remember, no one can cause a miracle to occur, not even the lawbreaker.