Loan Mod Companies – Be Careful Who You Trust

Beware of commercials for loan mods that promise the world and have a “specialist” doing all the talking. There is no such thing as a loan modification “specialist” in New York.

Ask yourself this:

Is there a local licensed attorney involved?

Will you have direct access and communications with the attorney?

Did you know that communications with a “specialist” are not confidential or priviledged under the law?

And that a “specialist” cannot advise you about your legal rights or other alternatives? (ie whether you may have predatory lending claims against the lender, defenses to foreclosure, or the right to keep your home and repay arrears over 5 years in a chapter 13 plan that may save you thousands of dollars on credit card debts)

Did the “specialist” ask you to pay his “rescue” company an illegal advance payment?

Is the “specialist” licensed by anyone? anywhere? for anything at all? Or, does he just have a really nice tv commercial and website?

I just saw a tv commerical for USMAC Loan Modifications. It is a blatant violation of the laws in New York. I did not see the identity of any attorney disclosed during the commercial as required by the ethical rules. It appears that this company is an out of state firm attempting to practice law in New York without being licensed by the NY Bar.

Here is one comment about this company on the ripoff report.