Mortgage Assistance companies and credit counselors are not lawyers and they can’t explain the legal ins and outs about the bankruptcy laws. Not that they want to, because telling someone to see a lawyer about Chapter 13 bankruptcy might be a better option for the homeowner, but it won’t put a fee in the company’s bank account. All too often, these companies will assure the homeowner that they can help, only to notify them that they can’t do a thing – after they have collected their fees and often mere days before the foreclosure – leaving the homeowner with no time to fully explore bankruptcy or other legal solutions. Many companies are disreputable; taking money but doing nothing.
What a mortgage assistance company does is collect a fee to help a homeowner workout a repayment plan with their mortgage company. The fee is often a full mortgage payment, non-refundable, and there are usually no guarantees that the payment plan will be one the homeowner can afford. Any homeowner can contact their own mortgage company and often get the same offer. If you are trying to do this, try to contact the loss mitigation department of your mortgage company, which tries to minimize loss for their company.
Many sources tell you that bankruptcy is a last resort, which is true, but you need to recognize when you are at a point that bankruptcy is the RIGHT choice. Until you really understand how it works and what it will do, you shouldn’t rule it out. The old saying “leave no stone unturned” is good advice, and that includes checking out Chapter 13 bankruptcy in Maryland if you are behind on your mortgage and/or other bills. A consultation with a lawyer is part of the education you need to give yourself all the facts in making your decision. I found this on a website for a “mortgage assistance” company that promised to help stop foreclosures.
As a homeowner, you are entitled to certain rights that your lender may not have informed you of, which could help you save your home. Bankruptcy is a last alternative and should be avoided if possible. There are many other options available that could quickly resolve your situation and assist you to stop foreclosure.
We are not a loan company, nor are we attorneys. We are Foreclosure Protection Mediators offering solutions to stop the foreclosure process. We can assist you regardless of your credit history and any amount of late payments and fees in which you are behind.
It is true that bankruptcy should be avoided, but not when it is appropriate for a particular situation. These companies imply that their assistance will help no matter what. All they can really guarantee is that they try to help. If all they can do is get the mortgage company to agree to catch up payments that the homeowner can’t afford, no true assistance has been given and valuable time has been wasted that could have been used to explore other options like Chapter 13 bankruptcy in Maryland.
Any good lawyer will tell people to avoid bankruptcy if it isn’t the right choice or if the lawyer knows of a better solution. These “Stop Foreclosure!” companies help steer people away from lawyers where people might learn if there are legal options like Chapter 13 bankruptcy in Maryland that are right for them.
Call us today for a free consultation. 1-800-NEW-START
David L. Ruben