Search the laws in your state but this is the law in NJ and many others, in NJ the agents would need to start their own business and contact people in that capacity and need to obtain a bond in an amount specified by the states attorney general before they can begin doing loan mods, legally anyway. I'm noticing most agents not even bothering to research these laws, rules and regulations yet are doing it anyway. It's only a matter of time before these guys being to get slapped with fines and risk charges and risking their licenses.
You need to act quickly and a loan mod is NOT and should not be your first option, find out what the foreclosure laws are in your state or contact a real estate broker or attorney that is familiar with foreclosure law and the process. In once the foreclosure process has begun and a sale date has been set, the home owner can postpone the sale by request twice and same for the lender, any further postponements must be done in court by a judges court order.
Resources for Anyone wanting to do loan mods how to search for what your states local laws are regulating them, just go to google and search the following terms and of course replace the state name with your state:
"foreclosure consultant statute" New Jersey
"foreclosure rescue fraud prevention act" new jersey
There are 2 important players in your situation you need to be in contact with, one is the trustee (their contact information will be on the notice of trustee sale you received) and the lender. Contact your lender immediately and attempt to work with them on a loan modification. They are the party who will notify the trustee to postpone the sale.
If interested, I have an associate who is very inexpensive and can help you with getting your loan modified.
We screen all of our agents and ask that they sign an ethics agreement
Saving your condo is a very real possibility if you choose to work with the right team of people. Anyone who believes they can make money off of your situation will tell you what you want to hear in order to lead you in a direction that they want you to go. Choose to work with a seasoned team of experts that can provide real solutions to your housing problem.
I would call multiple investment companies that specialize in foreclosures, and short sales to learn about what options are available to you. YOU ONLY HAVE ONE SHOT AT GETTING THIS RIGHT BEFORE YOU LOSE YOUR HOME! Make sure that those who you decide to work with have many good referrals and are not pushy! We are Arizona's #1 Cash For Houses websites and have helped many homeowners save their houses. Go to http://www.sellquickforcash.com/whatwedo.htm and shop us around compared to our competition. Our offers and reputation will stand up to the test.
***Check out Option #3***
You definitely can. Talk to your lender first. They will explain to you what and when you can do. Most lenders are trying to avoid foreclosures as much as possible, so they will go out of their way to help you. I am sure that you might get a lot of offers to help. Make sure that you understand what is offered and why. Check references and don't give away your personal information unless you know that sources offering help are legitimate.