Mortgage Law, Fraud & Loan Modification
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Loan Modification in Colorado
Colorado was hard hit by the recession. Falling real estate prices and high unemployment rates mean many Colorado families are struggling to stay in their homes. If you are trying to avoid foreclosure, legal options are available. Many homeowners are trying to modify their mortgages, but the process does have its risks--often in the form of scam artists trying to get rich quick. A Colorado loan modification attorney can guide you through the process and try to help you undo the damage if you've fallen victim to loan modification fraud.
The Basics of Colorado Mortgage Modification
When you modify, or change, a loan, you're making changes to the contract you've signed with the lender. A mortgage, or home loan, is one of the most common types of loan modifications available.
There are a number of factors that can be adjusted during a mortgage modification. These include:
- The principal, or amount you originally borrowed and haven't yet repaid, can be reduced
- The interest rate can be decreased
- The term, or length of the loan, can be extended
- The monthly payments can be reduced
Contrary to popular belief, banks do not want to foreclose on homes. If you are at risk of foreclosure because you've missed payments or you are struggling to make your monthly mortgage payments, you are a candidate for a home loan modification. Your Colorado mortgage modification lawyer can review the specifics of your financial situation and guide you through the loan modification process.
Avoid Becoming a Victim of Colorado Mortgage Modification Fraud
Unfortunately, the lousy economy has brought out scam artists and criminals who want to rip you off. One way they do it is through mortgage modification frauds. The Departments of the Treasury and Housing & Urban Development offer four tips to avoid becoming a victim of foreclosure rescue and mortgage modification fraud:
1. Beware of anyone who asks you to pay a fee in exchange for counseling services or the modification of a delinquent loan.
2. Beware of people who pressure you to sign papers immediately or who try to convince you that they can "save" your home if you sign or transfer over the deed to your house.
3. Do not sign over the deed to your property to any organization or individual unless you are working directly with your mortgage company to forgive your debt.
4. Never make a mortgage payment to anyone other than your mortgage company without their approval.
Reasons to Hire a Colorado Loan Modification Lawyer
The elderly, those with low income or poor credit, and non-native English speakers are at greatest risk of becoming a victim of a mortgage modification fraud. If you or someone you know thinks they've been ripped off in a loan modification scam, contact a Colorado loan modification lawyer as soon as possible. The attorney may be able to help you repair the damage and get some or all of your money returned.
But you you'll also want to hire a Colorado loan modification lawyer if you're just beginning the process of getting a mortgage modification. The lawyer can ensure you don't become a fraud victim, but can also make sure you're getting the best possible deal on your loan modification. Each year Colorado mortgage modification attorneys help thousands of clients modify their loans, and when you hire an attorney, you benefit from that experience.
Find & Hire a Colorado Mortgage Modification Attorney
Are you ready to hire a Colorado loan modification attorney? If so, you've come to the right website. Attorneys.com has relationships with mortgage modification lawyers across Colorado, including those in Denver, Boulder, Aurora and Colorado Springs. We can quickly connect you with a loan modification lawyer in your area. To use our free service, simply call us at 877-913-7222 or fill out the form on this page. After answering a few easy questions, we'll contact you with the name of a local mortgage modification lawyer.