robably just about the most terrifying experiences you as a homeowner can face is losing your home to foreclosure. If you may’t maintain your home loan payments, you ought to be informed and proactive.
Before you speak to a “home loan modification” company, get hold of your lender first. A lawyer also can tell you what the options could be via a foreclosure process. In Florida lower income people are able to find free legal services at findlegalhelp.org. You can also talk to a financial counselor at HUD. Their number is (800) 569-4287. Their website is hud.gov. A good a non-profit housing agency get in touch with is the Home Ownership Preservation Foundation at (888) 995-4673. Their website is 995hope.org
If you choosed to use a foreclosure rescue business or mortgage loan modification company, you need to know who you are managing. Before you hand them over any money or any sensitive information, investigate the company and view into their complaint history.
You can consult both your state Consumer Services along with the Attorney General to your state. In Florida you are able to contact the Department of Agriculture and Consumer Services or even the Office in the Attorney General of Florida.
You need to understand precisely what you’re signing. Get any verbal promises meant to you on paper. Keep copies of the documents that you simply sign. Any promises or agreements you’re making on your home usually are not legally binding unless it is in some recoverable format.
The Florida Statute on Loan Modification which got into effect on January 1, 2010, states that any companies or people who provide mortgage loan modification services inside state of Florida should have a license that’s current on the Florida Office of Financial Regulation. This will help to boost the Foreclosure Rescue Fraud Prevention Act passed through the Florida Legislature in 2008.
The Florida Foreclosure Rescue Fraud Prevention Act protects homeowners from fraudulent companies or individuals offering or providing mortgage loan modification services. It protects consumers in many ways.
Any company/individual offering or providing home loan modification services must:
1. Have an agreement in some recoverable format for mortgage loan modification services with all the borrower before beginning on the modification process.
2. Explain to the borrower each modified term and possess their consent in some recoverable format before they begin.
3. Follow the guidelines set from the statute which describe what should be in the written agreement for a mortgage loan modification.
4. Give the borrower a copy in the agreement to check over one day before the borrower signs the agreement.
The homeowner has got the right to cancel the written agreement without penalty or any obligation; provided that the cancellation is conducted within three trading days after the agreement was signed.