PRESS-NEWS.org - Press Release Distribution
PRESS RELEASES DISTRIBUTION

Watch Out for Deceptive Home Loan Modification Practices

An increase in frauds targeted to homeowners has the Federal Trade Commission and law enforcement officials paying attention.

2011-06-25
June 25, 2011 (Press-News.org) Watch Out for Deceptive Home Loan Modification Practices

Small businesses claiming the ability to help homeowners with mortgage relief services are popping up all over the country. With many homes underwater (owing more money to the bank than the home is worth) homeowners are jumping at the chance to reduce mortgage payments. So what is the problem with these companies? Many of them are scams.

These dishonest businesses and individuals may charge an up-front fee, perhaps for thousands of dollars, and claim they will negotiate with the banks. Instead, they pocket the money and may not even contact the bank. If they do negotiate, it can be half-hearted. Many of these companies claim to have inside information which they do not. In order to entice homeowners, they will make extravagant promises and claim they know insider secrets "banks don't want you to know" -- all untrue.

At best, these companies give no help. At worst, they make a homeowner's situation actively worse. Some give bad advice, such as telling their customers to not communicate with the bank or pay the mortgage because the company or individual offering the service will handle it. When months later the homeowners are behind on their payments and have not heard anything from the company, they are surprised to learn they are facing foreclosure.

In 2010, the Federal Trade Commission reported 16,584 loan modification fraud claims. Recognizing the danger these loan modification deceptions pose, the FTC recently outlawed a few common loan modification fraudulent practices:
-A ban on advanced fees
-A ban on falsely claiming an association with the government or the consumer's lender
-Prohibited exaggerated claims, such as a 100 percent guarantee of getting the results they seek

Working With an Attorney

Many attorneys provide loan modification services if appropriate. However, another common deceptive practice is for a non-attorney to claim they are working with a lawyer or law firm to provide legal representation. This may be because attorneys are exempted from the FTC's rule banning up-front fees and because it lends credibility to the company. Instead of relying on a third-party company, contact an attorney directly. You can always verify an attorney's status by checking with your state's bar association.

Loan modification is not the only option you should discuss with your attorney. Chapter 13 bankruptcy may be appropriate and is a reliable way to save your home. Another option may be a deed-in-lieu of foreclosure. Speak with an attorney in your area to discuss your options.

Article provided by Law Offices of David I Steinberg
Visit us at http://www.dsteinlaw.com


ELSE PRESS RELEASES FROM THIS DATE:

The Increasing Cost of Automobile Accident Deaths

2011-06-25
The Increasing Cost of Automobile Accident Deaths Each year, more than 30,000 Americans are killed in automobile accidents, according to the Center for Disease Control (CDC). In fact, automobile accidents are the leading cause of death in the United States for those ages 5-34. The High Cost of Automobile Deaths In addition to causing immeasurable loss to the families of these children, teens and young adults, the CDC estimates that these automobile accident deaths are causing around $41 billion in medical expenses and lost work each year. This loss is not evenly ...

Get Help When Debt Spirals Out of Control

2011-06-25
Get Help When Debt Spirals Out of Control If your debt is spiraling out of control, you have choices that need to be made. You may believe your situation is temporary, and before you know it, you'll be back on your financial feet and the problems will go away. If the reason for your financial woes, however, is the downturn of the economy, the loss of a job, or additional medical expenses, these problems may not go away rapidly, and you'll need to come up with a plan. The first thing is not to put off the inevitable. The longer you wait to address your financial problems, ...

Manslaughter Conviction for Drunk Driver

2011-06-25
Manslaughter Conviction for Drunk Driver Man Also Faces Second-Degree Murder Charges After Passenger Was Killed In Wreck A jury will try a San Mateo County resident for second-degree murder after killing a passenger while driving drunk. The man lost control of his vehicle on April 11, 2009, while allegedly speeding. The man drove into a curb, slid sideways into a eucalyptus tree and flipped the car onto its roof. A passenger in the driver's car was killed at the scene of the accident. A jury convicted the man of felony gross vehicular manslaughter while intoxicated ...

Tougher Sentences for Repeat Driving Under the Influence Convictions

2011-06-25
Tougher Sentences for Repeat Driving Under the Influence Convictions A first-time driving under the influence (DUI) conviction carries aggressive sentencing, but when there are aggravating factors, such as previous DUI convictions, the penalties grow even harsher. Approximately 1.5 million drivers are arrested for DUI in California each year, National Highway Traffic Safety Administration (NHTSA) data shows. Of those, about one-third are repeat offenders. In total, more than 310,000 Californians have three or more DUI convictions, according to the NHTSA. Penalties ...

Wisteria Goldens Eases the Training Concerns for New Pet Owners with their Exclusive Puppy Prep AcademyPUPPY

2011-06-25
Wisteria Goldens, top breeders of English Cream Golden Retrievers since 2004, has recently introduced the Puppy Prep Academy to aid new puppy owners in training their pets. "We were hearing from families that wanted a puppy, but not necessarily all the events which come with getting a new puppy; crate training, leash training, and basic commands," says owner Debbie Franklin. "So, we designed a unique training program exclusively for our families, to help puppies make the transition from our home to their new one." Wisteria Goldens' trainer, Melissa, ...

Food Sustainability Trends: Local Sourcing and Carbon Footprints for a Balanced Green Strategy

2011-06-25
If you're looking for an example of the impact of sustainability in the food supply chain, look no further than retail giant Wal-Mart, who pledged last year to dramatically boost the locally grown produce it purchases from small and medium-sized farmers in the U.S. and abroad. Their goal includes tripling local sourcing globally and doubling the local produce purchased in the U.S. Consumer-driven corporate virtue While Wal-Mart's initiative is partly an effort to improve its corporate image by reducing its environmental impact, it is also in response to rising consumer ...

Catalyst Launches New OTC Clearing Webcast: Critical Perspectives On Regulatory Challenges (Including Basel 3)

2011-06-25
The third of four seminal webcasts sharing critical perspectives on regulatory challenges (including Basel 3) is now available. The webcasts are strictly available by invitation only, using the link below. Watch this webcast to find out what it all means for users; are the incentives creating an appropriate model for the market? Discover: o Global legislation and the pace of change in the major financial centres o The new rules: an incentive or disincentive to clearing? o What are the implications for CCPs including the default fund construction? o What happens ...

GO Markets official sponsors of the Australian Motor Sport Foundation

2011-06-25
GO Markets will be lending their support as major sponsor of the AMSF Rookie Rising Star Team for 2011. Since their establishment in 2001, the AMSF have yielded some impressive results. Previously supported AMSF drivers who have gone on to lead outstanding international careers include Will Power (IndyCar), Chris Atkinson (World Rally Championship), James Courtney (V8 Supercars), Will Davison (V8 Supercars), and young gun Daniel Ricciardo who has recently joined the Formula 1 Scuderia Toro Rosso & Red Bull racing team. The AMSF teams will race Formula Ford for the ...

"Permanently Becoming and the Architecture of Seeing" by Julian Schnabel: Maybach is sponsor of the retrospective.

2011-06-25
What have in common Venice, the decadent city of the lagoon, and Maybach, the luxury cars brand of the Daimler AG group? Not much, you'd may think, since in Venice it is not possible to drive wheeled vehicles, especially of the imposing size of the giants from Sindelfingen. But the city and the luxury cars brand share similar traits d'union and, you may say, they have a common vocation for the art, besides their uniqueness, allure and their timeless, incomparable elegance. The ideal union between Maybach and Venice was highlighted by an important retrospective on Julian ...

FleshEatingZipper, Your Honest Source For Gaming, Entertainment, And Tech News Is On The Rise!

2011-06-25
FleshEatingZipper.com (run as FEZ, LLC), your best source for biting commentary on the latest and greatest in gaming, news, and tech, is growing by leaps and bounds. Following their coverage of the Phoenix Comicon at the end of May 2011, the site's traffic has tripled on a weekly basis. Leading features include exclusive footage of famous author Max Brooks at Phoenix Comicon, cutting, timely editorials on the latest in tech and mobile news, movie and TV show reviews, and one of the first honest previews of Duke Nukem Forever, which went on to bruising reviews. All of this ...

LAST 30 PRESS RELEASES:

‘Molecular shield’ placed in the nose may soon treat common hay fever trigger

Beetles under climate stress lay larger male eggs: Wolbachia infection drives adaptive reproduction strategy in response to rising temperature and CO₂

Groundbreaking quantum study puts wave-particle duality to work

Weekly injection could be life changing for Parkinson’s patients

Toxic metals linked to impaired growth in infants in Guatemala

Being consistently physically active in adulthood linked to 30–40% lower risk of death

Nerve pain drug gabapentin linked to increased dementia, cognitive impairment risks

Children’s social care involvement common to nearly third of UK mums who died during perinatal period

‘Support, not judgement’: Study explores links between children’s social care involvement and maternal deaths

Ethnic minority and poorer children more likely to die in intensive care

Major progress in fertility preservation after treatment for cancer of the lymphatic system

Fewer complications after additional ultrasound in pregnant women who feel less fetal movement

Environmental impact of common pesticides seriously underestimated

The Milky Way could be teeming with more satellite galaxies than previously thought

New study reveals surprising reproductive secrets of a cricket-hunting parasitoid fly

Media Tip Sheet: Symposia at ESA2025

NSF CAREER Award will power UVA engineer’s research to improve drug purification

Tiny parasitoid flies show how early-life competition shapes adult success

New coating for glass promises energy-saving windows

Green spaces boost children’s cognitive skills and strengthen family well-being

Ancient trees dying faster than expected in Eastern Oregon

Study findings help hone precision of proven CVD risk tool

Most patients with advanced melanoma who received pre-surgical immunotherapy remain alive and disease free four years later

Introducing BioEmu: A generative AI Model that enables high-speed and accurate prediction of protein structural ensembles

Replacing mutated microglia with healthy microglia halts progression of genetic neurological disease in mice and humans

New research shows how tropical plants manage rival insect tenants by giving them separate ‘flats’

Condo-style living helps keep the peace inside these ant plants

Climate change action could dramatically limit rising UK heatwave deaths

Annual heat-related deaths projected to increase significantly due to climate and population change

Researchers discover new way cells protect themselves from damage

[Press-News.org] Watch Out for Deceptive Home Loan Modification Practices
An increase in frauds targeted to homeowners has the Federal Trade Commission and law enforcement officials paying attention.