Loan Modification Help in Brazos County: What You Need to Know
If you’re facing foreclosure in Brazos County and need Loan Modification Help, you may have seen advertisements or received mail from companies like Texas Liberty Mortgage Company, SWBC Mortgage Corporation, Legacy Texas Mortgage, or Oxford Mortgage. While these companies often advertise mortgage modification services, it’s crucial to understand the potential risks and the legal requirements when seeking assistance.
For over 25 years, I’ve worked with debtors to help them navigate consumer bankruptcy cases, filing over 4,000 Chapter 7 and Chapter 13 bankruptcies. Now, I represent creditors seeking to recover what they are owed from Texas debtors. In both my previous and current roles, I’ve seen the unfortunate aftermath of individuals who hired loan modification companies, only to find their homes still in foreclosure. While some companies may be legitimate, many practices can lead to scams or false expectations, and it’s important to avoid falling into these traps.
Understanding Loan Modification Assistance and Recognizing Scams
When seeking Loan Modification Help, especially from companies that deal with mortgages from Texas Liberty Mortgage Company, SWBC Mortgage Corporation, Legacy Texas Mortgage, or Oxford Mortgage, there are a few key things you need to know:
- Know Your Rights: It’s important to be aware of the Mortgage Assistance Relief Services Rule (MARS), which dictates what companies can and cannot do when providing loan modification help. These companies are not allowed to tell you not to contact your lender or mortgage company directly.
- Upfront Fees Are Illegal: Under the MARS rule, mortgage relief companies are not allowed to charge upfront fees. If a company asks for payment before you receive a loan modification offer from your mortgage company, that’s a red flag. Reputable companies only charge fees after you’ve accepted an official mortgage modification offer.
- No Misleading Claims: Be cautious of companies that make misleading claims, such as promising you specific results or telling you they can guarantee a loan modification. They are also prohibited from misrepresenting their connection to the government, non-profits, or lenders.
- Legal Representation Matters: Many of these loan modification companies are not law firms, and they cannot offer legal advice. If you’re in danger of foreclosure, it’s vital to seek competent legal representation. As someone with over 25 years of experience in debt-related matters, I recommend that you consult with a lawyer to better understand your options and protect your rights.
How to Handle Loan Modification on Your Own
You may not need to hire a third-party company to help with your loan modification. In fact, most mortgage companies like Texas Liberty Mortgage Company, SWBC Mortgage Corporation, Legacy Texas Mortgage, and Oxford Mortgage have departments dedicated to handling loan modifications directly.
The process generally involves the following steps:
- Submit a Mortgage Assistance Request: This form is typically required for loan modification requests.
- Hardship Statement: You’ll need to explain why you’re requesting the modification, including details on your financial hardship.
- Financial Documentation: Submit pay stubs, tax returns, and other documentation to show your income and expenses.
- IRS Form 4506T: This form allows your mortgage servicer to access your tax returns.
Direct Contact with Your Mortgage Company
Instead of going through a third-party company, I strongly encourage you to contact your mortgage company directly for loan modification assistance. Below are the contact numbers for the mortgage companies you may have a loan with:
- Texas Liberty Mortgage Company: (979) 691-2692
- SWBC Mortgage Corporation: (979) 693-0481
- Legacy Texas Mortgage: (979) 583-9000
- Oxford Mortgage: (979) 260-7788
If your mortgage company is not listed, you can find contact details through the Making Home Affordable website.
Foreclosure Assistance
If your home is scheduled for foreclosure or you’ve tried a loan modification without success, you need to act immediately. A loan modification might be helpful, but it’s not always the best solution. If you need urgent assistance with foreclosure or bankruptcy-related matters, our law firm, with years of experience helping clients with debt recovery, is here to help. We have a proven track record of assisting homeowners in distress and are committed to protecting your rights.
