Currently, there are many lawyers who are helping help homeowners to modify their mortgage, well, do you think that all lawyers are good in helping homeowners with their loan modification? The answer is, No, not all lawyers are good in helping homeowners in loan modification.
I just read one article today in kansascity.com that one homeowner contacted the United Law Group for his loan modification and paid upfront $2,000 for their service and they even promised that they will delay his foreclosure with “forbearance” but they failed to do that also and the homeowner hired another lawyer to file bankruptcy. He got lucky that bank agreed a new payment plan and saved his house. But, not everyone is getting lucky at that last moment of facing foreclosure.
The California State Bar is investigating more than 400 lawyers who are suspected of ripping off thousands of homeowners nationwide. I think that recent foreclosures attracted many lawyers to get into this side of business to make more money.
One of friend’s coworker contacted an attorney to do the loan modification and they asked to pay upfront $3,500 which she couldn’t afford and they suggested that “miss your payment in order to pay their fees”. I think that is unethical advice to miss the monthly mortgage payment in order to pay the lawyers fees.
The sad thing is these lawyers don’t even check whether the homeowner can even qualify for loan modification or not, they just get their fees and give promises that they can modify their loan, but in reality, you cannot promise that the bank will modify the loan or not or what kind of modification the homeowner will get.
There are certain criteria in order to qualify for loan modification, so check those qualifications with your lender, lawyer or experienced real estate agent before you work on your loan modification process. If you do not qualify for loan modification then check other alternatives like short sale.
My advice to homeowners is that, you need to check any reference or lawyer’s background before you even begin working with them for your loan modification. Ask them “how many loan modifications did they complete successfully” and ask for reference and give them a call to check how the lawyer did their loan modification and what kind of modification did they get. You can also work directly with your lender without paying any fees to anyone to modify your loan. Many homeowners are getting success working directly with the bank to modify their loan.
Let me know if you have any questions on loan modification, you can reach me at 510-366-9405, I would be happy assist you.
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