วันอังคารที่ 14 กรกฎาคม พ.ศ. 2552

What type of lawyer and where can I find one to use for help with my loan modification?

I have a modification offer and it is not good at all. I am at my wits end and feel that I need more help. What type of lawyer and what tips can you recommend for me. Also what source do I use to find one?


If you must use one of these loan mod companies or lawyers, do NOT give them an up front fee. Do NOT believe them when they say they can get you a modification guaranteed. Chances are, if you hire a company or lawyer, they are going to come back and have the same offer you got yourself! You will be out thousands of dollars (most are charging $2500 and up for their services) and that money could have been well spent on your mortgage!

Go to these forums and get some advice and tips from others who have been working on loan modifications themselves:

http://www.loansafe.org/forum

The bank is only looking out for their best interests and their bottom line. They will offer you the best possible workout for THEM. There are very legitimate companies doing loan modifications but you need to be careful. An attorney IS allowed to change an upfront fee but they must return it if they are not successful in getting you a loan modification. No loan modification company should be charging up front fees unless they are legally registered to do so. Every state has different regulations, so check the DRE website for the state you reside in. Some will put your money into escrow which is fine, too. Everyone wants to get paid for their work and an escrow account gives them the assurance that they will be paid at the conclusion.

It is very likely that a professional can negotiate a much better workout on your behalf. There are many factors involved and it is far more complicated than lay people know.

There are now standard regulations for loan modifications for Fannie & Freddie loans if the banks accepted bailout money. Check the Department of the Treasury for the latest update. There you will see how the numbers work for the loan modifications.

I wish you the best of luck, but be careful out there for sheisters. It IS probably safest to use a company with an attorney as there is no attorney that will put their license on the line for stealing money. They are held to a much higher standard. The fly-by-night loan modification companies exist in states where the industry is not regulated...in other words you don't even need a real estate license to do loan mods. No license of any kind! Be very careful if your state is one of those.

A lawyer isn't going to help you.

The reason why one isn't going to help you, is that there is NO LAW requiring banks to offer a loan modification at all.

This is a proposal by Obama to eventually allow the bankruptcy courts at a federal level...but NOTHING has been confirmed or signed.

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