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PMC's Warning Finally Echoed by California Attorney General
Thousands of homeowners who put their faith in "Attorney based" loan modification companies are set to lose their money and quite possibly their homes. California has finally recognized the "lawyer loophole" which PMC has been warning consumers about for months. (see 'Reason to Choose PMC')
The sad fact of the matter is that hundreds of loan modification companies, representing thousands of homeowners, have utilized this loophole. These companies will get shut down. If they do not get shut down immediately by the state governments, they will get shut down by the very lawyers who have rented their names and licenses to these modification companies to operate under. There will be a mass exodus of "attorney backed" loan modification companies from the industry. The problem is that as the lawyers rescind the use of their licenses to these modification companies, thousands of homeowners will be left out in the cold (both figuratively and literally). There will not be refunds and there will not be modifications.
Attorney General Brown Warns Homeowners to
"Avoid Forensic Loan Audits"
22 February 2010 –
Los Angeles - Attorney General Edmund G. Brown Jr. today joined the California Department of Real Estate (DRE) and the State Bar of California in warning Californians to avoid forensic loan audits, the loan-modification industry's latest "phony foreclosure-relief service," in which homeowners pay up-front fees for a forensic review of their lender's practices, but are provided no actual foreclosure relief. "Forensic loan audits are yet another phony foreclosure-relief service hawked by loan-modification consultants trying to cash in on the desperation of homeowners facing foreclosure," Brown said... (view full article)
PMC has been warning consumers about this very tactic for months. The "Forensic loan audit" or "Internal doc. Audit" is the primary methodology or gambit of the "Attorney based" or "Lawyer backed" loan modification companies.
If a homeowner wants to file suit against his neighbor he should hire a lawyer. If a homeowner needs help with his mortgage he should hire a mortgage professional. PMC has mortgage professionals ready willing and able to provide professional help with Loan Modifications.
The Media tells you how they think YOU should handle your loan modification. But we suggest to them, "If you don't know what you're talking about then maybe you shouldn't talk."
You need assistance with your loan modification, but don't know who to trust. Read on for some insight on how to select the right foreclosure consultant.