ModFraud.org has compiled a list of Loan Modification laws by state.  This can be viewed at http://www.modfraud.org/loan-modification-laws-by-state/.

The alert goes on to list a series of ethics rules prohibiting lawyers from:

• paying a referral or marketing fee to a foreclosure consultant or other person for referring distressed homeowners to the lawyer;
• directly or indirectly splitting fees earned from a distressed homeowner client with the foreclosure consultant or any other non-lawyer;
• aiding a foreclosure consultant or anyone else in the unauthorized practice of law or forming a partnership or joint venture with a foreclosure consultant or other non-lawyer if any of its activities would involve providing legal services;
• contacting in person or by telephone a distressed homeowner referred by a foreclosure consultant or someone else unless the lawyer has a family or prior professional relationship with the homeowner;
• filing a lawsuit without good cause or motions in a lawsuit that are simply intended to delay or impede a foreclosure sale; and
• failing to perform legal services with competence.

http://www.calbar.ca.gov/state/calbar/calbar_cbj.jsp?sCategoryPath=/Home/Attorney%20Resources/California%20Bar%20Journal/March2009&sCatHtmlPath=cbj/2009-03_TH_02_ethicsalert.html&sCatHtmlTitle=Top%20Headlines

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Here are some things to do before starting the process:

1. Gather all of your financial documentation including income, tax information, and current mortgage statements.
2. Visit the Better Business Bureau to make sure any companies you are dealing with are legitimate.
3. Do your online research! There is a lot of information out there.

As always, contact us and we will pair you with a legitimate loan modification company in your area.

Dictionaries describe scams as follows, according to http://www.thefreedictionary.com/scam.

n. A fraudulent business scheme; a swindle.

tr.v. To defraud; swindle.

How you know if you have been scammed by a loan modification company

The first type of loan modification scam involves the said company taking your money and not never communicating with you again.  The scammer makes a false front as a legitimate company and leaves the area after they collected a large sum of money from their victims.

The second type of loan modification scam involves companies who collect a fee from you (the client) and does not refund the money in the event the loan has not been modified successfully.

It is important to make sure you are engaging in a transaction with a reputable company.  ModFraud.org can help you:

• Work with an attorney to get your money back from a scam.
• Find a pre-screened loan modification company

Unfortunately, there are a lot of fraudulent companies that are taking advantage of consumers.  Here are some tips that can help to choose the right loan modification company.

1. Better Business Bureau
   This is always a good place to start. Visit www.bbb.org and find out what you can about your potential loan modification company.
2. Consumer Compliants
   Visit our government links to see if any reports have been filed against that company.
3. Use a Pre-screened Company
   Speak with a ModFraud.org representative to find a pre-screened loan modification company in your area.

As always, knowledge is power! Educate yourself before making a decision to send a company your money.

It is important to work with a loan modification company that can actually help.  Most customers are approached by brokers or middlemen that try to work with the bank on your behalf.  Worse yet, sometimes they do nothing at all.

Working directly with an attorney or legal office is the only way to be correctly represented.

In a time of economic hardship, Americans have been seeking advice from professionals that can truly assist in providing a point of financial stability in our lives. Unfortunately, during this period a vast array of unethical individuals and companies are born, with the primary mission to prey and victimize clients in dire financial straits.

Knowledge is power. Educate yourself before committing to programs that pertain to your financial future. If you feel you have been cheated by a modification company and believe you are entitled to a refund, please contact us for a no obligation, no fee consultation. No longer be the victim and fight back!

There is no up-front fee. Attorneys work on a contingency basis and will get paid out of settlement.