Comments on: Do I need a lawyer to get a loan modification, and if so, why?

By: Deanna

Deanna — Tue, 14 Sep 2010 01:11:33 +0000

I would like to join you. I applied in April of last year, qualified, so EMC, a Chase subsidiary, said. I called twice a month to find out the status for over a year! Then out of the blue, I was denied. According to EMC, I did not supply all the necessary paperwork, which is untrue. Through about 6 two hour phone calls using Making Home Affordable, was told several different reasons as to why I was not eligible. Now I am in default. I felt like they drew it out in order to add more to the balance and my credit is ruined. There should be sanctions against lending institutions that drag their feet by complying with this program!

By: cj

cj — Sun, 12 Sep 2010 06:25:32 +0000

I am wanting to get in on a class action lawsuit against Chase Home Finance because they have turned down my modification that the counselor at Making Home Affordable said I am well qualified for. They have put me through Hell. My nerves are shot and now they sent foreclosure papers and I am days away from losing my home. Either way, I want to sue them because they have ruined my credit score and my health plus now taking my home. Mr. Obama, are you listening???? The plan isn’t working.

By: Marie T

Marie T — Tue, 28 Apr 2009 13:54:42 +0000

I would like an attorney to assist in the forensic audit and contacting the lender as I feel an attorney will be more effective than me even though I know that I am capable to do it on my own. I know there are legal issues with my loan and I have several hardship issues as well so feel that I am a perfect candidate for a loan modification. Is there an attorney in Colorado who can help me and how do I go about finding them???

By: Chris D

Chris D — Tue, 31 Mar 2009 00:10:52 +0000

Where can we find out if it is against the law to charge upfront fees to process a loan modification in ohio?

Thank You

By: Dylan Rowley

Dylan Rowley — Mon, 30 Mar 2009 20:05:39 +0000

I have worked for Loan mod companies starting back in 2001 and until 2006 I ran my own shop. I now work for an Attorney specializing in Real Estate Law and head up the Loan Modification department.

Any Mod company can aide a homeowner is submitting a hardship package as well as any homeowner can submit their own the use of an attorney comes in when reviewing the offer or when the lender will not approve any solution.

Let’s not be mislead into believing the lenders are there to help. They only modify loans to make them performing assets again.

We have had many denials overturned by bypassing the loss mitigation department and dealing directly with the legal department.

By: Paul

Paul — Sat, 28 Mar 2009 18:17:17 +0000

It is true as a mortgage underwriter for ten years many of this loan modification can be truly be done by homeowners. The most fear that many homeowners face in today’s market is not “TALKING TO YOUR LENDER”. When homeowner mist a payment and the collection department calls the first thing homeowners do is “SCREEN” or “NOT ANSWER” the calls. That is the biggest mistake you ever do! You as individual have control of your own financial situation. If you are unsure what to do there are many non-profit or counseling service can assist you and guide you in the right direction. Each individual Profession like an Attorney, Broker’s, Realtor, Accountant etc… are specialized on their field. If you’re unsure about the service they will provide you by all means check the internet for licensing and creditability as follow:

Attorney website: http://www.calbar.ca.gov
Mortgage and Realtor website: http://www.dre.ca.gov
Corporation website: http://www.sos.ca.gov
Department of Consumer Affairs: http://www.dca.ca.gov

or Better Business Bureau.

I hope this message helps…

By: Paul J. Molinaro, Esq

Paul J. Molinaro, Esq — Sun, 22 Mar 2009 17:50:16 +0000

A Word about Processing, Etc.
In the niche field of mortgage law, attorneys are one part of the team that is needed to succeed against a lender, whether through litigation or loan modification. A good attorney has good people working for him or her. For example, if a private investigator is needed to track someone down or locate assets, that work is better done by an experienced PI than by an experienced attorney. For example, a complicated tax return that needs analysis as part of a contract case might need a CPA to explain it to the lawyer. The same holds for mortgage law. A staff with experience in the mortgage field makes a mortgage lawyer that much more effective. Now, of course, it helps if the lawyer is also very well versed in the mortgage terms and has been in the mortgage business, just as the lawyer in my example above might be better suited if he had his own CPA certificate. However, in today’s complicated and rapidly changing financial arena, the team approach seems best suited for the client. So, no matter who one chooses, make absolutely sure the firm as a whole is suited to handle your case.
- Paul J. Molinaro, Esq.

By: Suzanne

Suzanne — Sun, 22 Mar 2009 00:40:40 +0000

I wish I found this website before losing $3,000 to a Loan Modification “so&so!”

By: Destiny

Destiny — Sat, 21 Mar 2009 22:15:54 +0000

I recently negotiated a loan modification on my own. I definatly think if some one is in trouble with their mortgage it would definatly be worth the time and the money to get a consulatation with a reputable attorney that specializes in real estate law who can look over your loan documents and help you navigate the situation. I have no idea if what I was offered was the best offer I could have gotten. Basically my percent and balance owed stayed the same. I was told they could not decrease the percent to lower the payment. Without the advice or advocacy of an attorney I have no idea if the deal I got was the best one or if the way I went about it was the best.

By: Greg

Greg — Fri, 20 Mar 2009 08:36:20 +0000

This article passes muster. I see a lot of attorney’s try and declare that you need an attorney to get your loan modified and it’s a crock. He’ll use processing staff, whether in-house if he’s a small operation, or outside processing if he’s a bigger volume operation. He can’t possibly make the hundreds of calls necessary to get through the loss mitigation process without charging an astronomical fee.

Good article. Makes sense and jives with my experience, though the most effective element in the process went unmentioned. The processing company, specifically the head of processing, will have seen hundreds or thousands of applications and will know the ins and outs for each lender, including the loss mitigation agents by first name. They are far more useful than a loan modification agent or a lawyer who does loan modifications, don’t you agree? Let’s hope people don’t start searching around for these companies and cut out the middle man.