If you are a loan modification company, you have no doubt heard that the FTC has gotten the bright idea to create rules that will not allow companies to take any fees in advance from customers.
They are providing some special "dispensation" for attorneys if you believe some of what you read. I find that a little funny in and of itself. I mean, how come attorneys get to bill by the hour regardless of the outcome of their efforts in loan modifications and every other case they take on? By virtue of the fact that hundreds of ambulance chasers have collected fees from clients only to never collect means that we should repeat this behavior as it relates to loan modifications?
I'm not saying that collecting fees up front is right, or wrong. I'm just not sure why having a law degree should exempt you from providing useful services.
I'm a believer that some method of escrow payment with release of funds based on milestones is a payment method that might work in the long run, but I am also a believer that we need to police ourselves before someone does it for us.
I'm very interested to know what our members think....