Are Lenders Playing Hardball Against Attorneys?

[Paul Molinaro Esq.]

NO LEGAL ADVICE HERE - JUST GENERAL INFORMATION - ANY SIMILARITIES TO ANYONE'S ACTUAL SITUATION IS JUST ONE HECK OF A COINCIDENCE.

Allow me to gripe a bit here...

"WE HAVE NO IDEA WHO YOUR ATTORNEY IS. WE HAVE NO RECORD OF THAT FIRM CONTACTING US... "

It's become more and more common for our firm's clients to check up on us by calling the lenders to see if we are doing our job... and that SHOULD BE no problem as we do our job... you see all the press out there saying everyone in the loan mod biz is a scam, lenders are nice people who want to help borrowers and borrowers don't need anyone else to modify their loans has given everyone a healthy dose of skepticism. And, sadly, the attorneys out there who are scamming people have provided truth to the press.

But when our clients call the lender and get a person telling them we did not even contact the lender, I need to cry "foul." While it has happened a few times last year, over the last few months, it has gotten commonplace. This automatically makes our clients distrust us, and that is not good.

The collections departments of many lenders (some of them are the biggies of the big too) explicitly tell my clients that no lawyer has called them, that they do not need a lawyer, that a lawyer will only make the lender mad, that if they would just start making payments then the mod will be approved, that a loan mod only takes five minutes over the telephone, and a whole bunch of other malarkey.

Now, say what you want about whether a lawyer is needed in the process, but you have to admit, it's a bit alarming when the lenders go out of their way to cut us out of the process.

And if the above wasn't a red flag... look at SB 94 here in California...

"SB 94 IS DESIGNED TO MAKE PROFESSIONAL HELP UNAVAILABLE TO BORROWERS"

Make no mistake, the lenders backed this bill, and the lenders do not have borrowers best interests at heart. My firm files suit against lenders... we do many BKs which are not in favor of the lenders... we negotiate short sales.... we modify loans... and the lenders don't want us doing these things.

Okay, enough of my whining... but I have to admit, that every so often... it does feel good to whine.

- Paul

[Paul Molinaro Esq.]

NO LEGAL ADVICE HERE - JUST GENERAL INFORMATION - ANY SIMILARITIES TO ANYONE'S ACTUAL SITUATION IS JUST ONE HECK OF A COINCIDENCE.

Yup. We've experienced some lenders saying "we do not do loan mods" one month only to offer loan mods the next month... sometimes you just have to time the asking just right... or at least get ready to ask again... and again... and again...

- Paul

[Murray12]

Paul- What about using the tapes that the banks have of the calls where the banks agents make intentional and obvious mis-truths. My bank told me that they went over and listened to all the conversations that I have had with them.

There should be a law where every state is allowed to tape conversations with financial institutions. This would solve a lot of the problems VERY quickly.

-"No your honor, I never told them they had to be late to qualify for the HAMP mod"

cue tape...... "Listen we have told you repeatedly, the HAMP modification is only for people who are late, there is nothing we can do for you. When can we expect the next payment...."

[Paul Molinaro Esq.]

NO LEGAL ADVICE HERE - JUST GENERAL INFORMATION - ANY SIMILARITIES TO ANYONE'S ACTUAL SITUATION IS JUST ONE HECK OF A COINCIDENCE.

Maybe have a recording of a similar message as the one they play to you?

"Please note that the caller is trying not to pay your exorbitant fees and penalties. This call may be monitored for training and or trial purposes."

- Paul