But it’s very difficult to obtain one for anyone that tries. Even for an attorney it can be difficult to complete the loan workout process with your lender or servicer.
Take this post on my blog form a legal aid lawyer in Florida. She is very experienced and she had this to say just recently and I agree with her 110%. What I would like is for one of the forum members such as yourself take this advice and see what you can do as far as finding legal help using the resources she listed here.
By April Charney: Thanks April!
1. Without first gaining access to a life of loan history, then the homeowner is operating from the stance of powerless consumer victim.
2. Loss mitigation is the mitigation of the mortgage owner/servicers losses.
3. Beware that a loan modification outside of a court case can be characterized as a refinance for purposes of the Truth In Lending Act.
4. Most mortgage owners/servicers operate debt collection processes, including workouts, loss mitigation and loan restructuring using computer software and prompts that are structured to require specific responses.
5. At this point in time, it is exceptionally difficult work even for a hard working lawyer to gain real relief in a loan workout and so I question whether leaving the consumer to fend for themselves as being good advice when there are many consumer attorneys available for at least consultation. There is a directory of consumer attorneys at www.naca.net and of consumer bankruptcy attorneys at www.nacba.com.
6. There are serious tax/1099 and credit reporting issues that have to be resolved in the context of a loan restructuring that cannot be ignored.
7. Best advice is to fight for your right to a lawyer’s advice and assistance unless you want to continue to be a victimized consumer.
8. The servicing of a home loan is a consumer product and we consumers are entitled to a great product. We should insist.
Moe
Founder
LoanSafe.org
LoanWorkout.org
951-271-6283 Phone
800-734-8819 Fax
Moe at LoanSafe.org Email
{ 5 comments… read them below or add one }
“I’ll drink to that” Just kidding, lawyers don’t drink.
I agree with your assessments Moe. What is so predictable is not just that things are going down as fast as they are but that the talking heads from the Fortune 500s, banking industry, politics, and the media keep saying “Well, it’s getting worse than we originally thought.” This is the first line of every speech I’ve heard for the last 6 months. Either there has been a widespread outbreak of cranial rectosis or “They” are just trying not to alarm the public while they dump their stocks, move their assets, and otherwise secure their financial positions before runs start on the banks and the Great Depression of 2008 hits hard.
It only makes sense. They always say it’s worse than we thought, when? When they HAVE to on their “quarterly earnings reports”. They don’t say jack $hit till then. Because why? They don’t want everyone dumping their stock SO THEY CAN CONTINUE TO PROFIT UNTIL THE DAY OF Reckoning. This seems to be the new MO of all these companies.
My advice is for everyone to get their cash and bury it or turn it to gold. Extreme times call for extreme measures.
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