You may have seen the ads or heard the radio solicitations from these companies. You may have received offers in the mail. Your house may be up for foreclosure. You are looking for loan modification help in Harris County. Should you turn to one of these companies that is advertising assistance?
We are not here to give an opinion about the value or worthiness of companies that offer loan modification help. Unfortunately however, we normally only see the aftermath. A consumer hired a company for loan modification help in Harris County. Yet still the house was still put up for a foreclosure sale. We normally only see the failures of loan modification companies. Obviously there are successes too. We just want to make sure you avoid the scams.
We want to make sure you understand what a loan modification assistance company can and cannot do. We want to help you recognize a scam and help you understand your rights when dealing with a company that provides mortgage assistance relief services. We want to help you understand what is required when dealing with loan modification help companies.
Companies that provide mortgage loan modification help in Harris County must comply with certain rules. If these companies provide mortgage assistance relief services, then they must comply with the Mortgage Assistance Relief Services Rule (MARS). The FTC provides a fact sheet on the rule here.
Loan modification help companies advertise that they can stop or prevent foreclosure or negotiate or arrange a mortgage modification for you. If you have a loan with Wells Fargo, JP Morgan Chase or Bank of America, these companies are NOT allowed to tell you that you should not or cannot contact your lender or servicer.
The number one way to know you are NOT dealing with a compliant loan modification assistance company is if they require a payment upfront.
Under the mortgage assistance relief services rule, NO company providing these services can charge a fee up front. You are only required to pay for the services once you accept a written offer of mortgage relief from Wells Fargo, JP Morgan Chase or Bank of America that they deliver to you. Companies that provide mortgage relief services are not allowed to charge interim fees. This means that they cannot charge you for a consultation, gathering financial information, preparing or reviewing documents or for communicating with your lender.
If you do not receive the services that you think should have been provided, the loan modification assistance companies cannot mislead the terms of any refund from the funds you paid them.
You probably do NOT need a company to help you obtain a mortgage loan modification. Most of our clients that received a loan modification help in Harris County did it through their own efforts. And it did not take a lot of effort. Most mortgage companies like Wells Fargo, JP Morgan Chase or Bank of America have a special department set up to handle loan modifications. Most companies have specialized websites that contain all the information AND forms that you need to obtain a loan modification.
The forms that are required for loan modification help are nearly the same for each mortgage company. You will be required to fill out a request for mortgage assistance first. Most mortgage companies also require hardship application explaining why you need the help. You will be required to submit financial information that shows your proof of income and your monthly household budget. Pay stubs are the main way this information is provided. Finally, you be required to fill out IRS Form 4506T so your mortgage company can receive your recent tax returns.
Most of this information is available online at the Making Home Affordable website.
If you have a loan with Wells Fargo, go to this website for the starting point for loan modification help.
Wells Fargo’s customer services phone number is (800) 678-7986
The address for mailing documents is:
Wells Fargo Bank
PO Box 10335
Des Moines, IA 50306
If you have a loan with JP Morgan Chase, go to this website for the starting point for loan modification help
JP Morgan Chase’s customer service phone number is (866) 550-5705
JP Morgan Chase
P.O. Box 469030
Glendale, CO 80246
If you have a loan with Bank of America, go to this website for the starting point for loan modification help
Bank of America’s customer service phone number is (866) 382-0489
Bank of America
MHA Escalations Unit
PO Box 940070
Simi Valley, CA
If you have a mortgage with a company that is not listed here, to obtain their contact information go to the Making Home Affordable website and find your mortgage company and/or mortgage servicer.
If your is up for foreclosure or if you’ve tried to get loan modification help and failed, then you need to give the law firm of Busby and Associates a call. Sometimes a loan modification is very beneficial, sometimes it is not.
If your house is up for sale, you cannot wait for loan modification approval. You need to do something NOW! We are here to help. This is what we do for our clients. Our law firm has helped thousands of people save their houses. If you need help and you need it now, please give us a call.