Florida’s Attorney General is taking the enforcement of the 2008 law regulating loan modification and other related entities. While the law seems to be a bit unfair (NO fees upfront at all for modification services by consultants strikes me as unreasonable), it is the law and it is was enacted to stop entities like Lincoln Lending from taking advantage of distressed homeowners. I hear stories like this one all of the time:
“Carlos Ruiz, 38, said he paid Lincoln $3,500 but still still lost his Weston condo in foreclosure. ”They promised they were going to make a loan modification and stop the [foreclosure] process in court,” he said of Lincoln. ‘They [didn’t] do anything for me.'”
It’s really unfortunate as there are many “good” guys out there who want to help people, but groups like Lincoln Lending ruin it. If you are approached by a loan modification company, read the law and know your rights.