Latest Posts
Home > Ask The Get Out of Debt Experts > Preferred Law Told Me to Stop Making My Mortgage Payments. – Iris

Preferred Law Told Me to Stop Making My Mortgage Payments. – Iris

“Dear Steve,

I recently contacted Preferred Law PLLC to help me with BOA Modification. I have tried for 14 months on my own and this is just to much stress. Of course, they said that they could get it done within 4-6 months and the cost would be $3,900.00. Stop making my mortgage payments, they guarantee it 100 % and this scares me? I looked at the BBB which gave them an A- rating but this company in BBB Credited. I am currently 2 months behind on my mortgage what’s your opinion.

Iris”

Don’t miss our free Get Out of Debt – “How To” Guide Series on a number of topics, for loads of practical advice, tips, and help to beat back debt. – Click Here

The Answer

Preferred Law Told Me to Stop Making My Mortgage Payments.   Iris

Dear Iris,

I typically suggest people first turn to free mortgage modification counseling from a HUD Housing Counselor. The service is paid for by the government.

The concern is if you are even qualified for a BOA program to begin with. Banks are not required to modify mortgages and they have strict requirements.

If Preferred Law wants you to pay so much money, then it seems reasonable to ask them to give you a guarantee or refund if they are unable to obtain the refund. Additionally ask them to provide you with independently verified statistics that demonstrate their success rate so you can make an informed decision.

You might want to compare what they are selling you with the Mortgage Assistance Relief Services Rules from the Federal Trade Commission.

Bonus Reader Video Answer

If you want to try to qualify under a government program, use the links below for free.

Mortgage Help

Be sure to first read How Not to Get Scammed by a Mortgage Loan Modification Company.

Debt-to-Income Calculator

First you’ll need to determine your current debt-to-income ratio. The target debt-to-income ratio under the Home Affordable Modification program is 31%. Use this free online DTI calculator.

Mortgage Modification Calculator

The mortgage modification eligibility calculator will ask you several questions and then show you which programs you may be eligible for.

The free mortgage modification calculator can be found here.

Free Mortgage Modification Help and Counseling

If you have questions about the process or eligibility you can call 888-995-4673 and get connected with an mortgage modification adviser for free. This help is provided by government subsidized HUD Housing Counselors and they can be a big help in navigating the modification process.

In order to assist you, the housing expert will need to gather some information from you. Have the following documents handy:

  • Information about your first mortgage, such as your monthly mortgage statement.
  • Information about any second mortgage or home equity line of credit on the house.
  • Information about the monthly gross (before tax) income of all household members contributing to pay the mortgage, including recent pay stubs if you receive them or documentation of income you receive from other sources.
  • Information about your savings and other assets.
  • Account balances and minimum monthly payments due on all of your credit cards.
  • Account balances and monthly payments on all your other debts such as student loans and car loans.
  • Your most recent income tax return.
  • It may also be helpful to have: A letter describing any circumstances that caused your income to be reduced or expenses to be increased (job loss, divorce, illness, etc.), if applicable.

You can also get free help and housing counseling from a local HUD approved counselor. You can find your local free housing counselor, here.

Contact Your Mortgage Company

Not sure if your mortgage company offers modification programs? Not all do. You can contact your mortgage company to ask them about mortgage modification programs you might be eligible for. Click here to find your mortgage company.

NPV Calculator

Want to know the net present value (NPV) of your home for the mortgage modification process? No problem, use the free NPV calculator to find out. The NPV calculator is right here.

The calculator can be used by homeowners who have been denied a HAMP modification because of their NPV result or can also be used by homeowners prior to applying for a HAMP modification to help them better understand the NPV evaluation.

No Advance Fees

The Federal Trade Commission has a Mortgage Assistance Relief Services Rule which prohibits advance fees for mortgage rescue services or mortgage modification help.

Please post your responses and follow-up messages to me on this in the comments section below.

Big Hug!

Preferred Law Told Me to Stop Making My Mortgage Payments.   Iris
Get Out of Debt Guy – Twitter, G+, Facebook

If you have a credit or debt question you’d like to ask just use the online form. I’m happy to help you totally for free.

Preferred Law Told Me to Stop Making My Mortgage Payments. - Iris by

Share This and Spread the Word

About Steve Rhode

Steve Rhode
Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.

Get My FREE Get Out of Debt Guy Newsletter

It is the smart thing to do.

I promise to keep your email safe and secure.

Close

I want to keep you posted each weekday with just one email about the latest get out of debt news, scam alerts and information to beat back debt.

You can unsubscribe at any time with just one click.

After you subscribe, check your email to confirm your subscription. If the confirmation email does not appear in your inbox in a few minutes, check your spam folder for it. Sometimes it likes to annoyingly hide there.


  • It will keep you posted on the latest scams.
  • You will be alerted to the latest articles.
  • You will wind up smarter than everyone else dealing with debt.