Loan Modification Protections Under Florida Law

Florida has enacted a number of laws aimed at protecting you from “scam” companies that prey on vulnerable consumers trying to save their homes from the foreclosure.  Unfortunately, there is no shortage of unethical companies improperly charging upfront fees. They make false promises in attempt to lure struggling homeowners into scams that often lead to even greater financial hardship. Any non-lawyer charging you an upfront fee for a loan modification is prohibited under Florida Law. You should do your due diligence and be aware of that.  Even though this is the law in Florida, non-attorneys regularly violate it. They charge monthly or upfront flat fees prior to the loan modification being approved by the bank.  Under this law, non-lawyers offering loan modification services may only collect money from you after they successfully complete the process on your behalf.

Prior to paying any money for loan modification services, you should research the regulatory requirements the profession adheres to and confirm the person you are working with has a professional license. Moreover, you should know the basics of loan modification.

For example, “The Florida Bar” regulates all Florida attorneys. You can also check the Florida Bar website, where you can ensure an attorney is in good standing.

Click here to visit : FLORIDA BAR

If you are considering non-attorney to help you, you should first visit the Office of Financial Regulation’s public license search. In addition, call them at (850)-487-9687, to get current information on all OFR-issued licenses. We look forward to helping you make the decision that is best for you and your family.