Hire a lawyer?

[Jrixey]

Hi here is a brief rundown of my situation.
I cannot handle my $2,500.00 monthly mortgage payment without the help of my family for the last 7 months.
I refinanced about a year ago and the payments are too much.

I was in the rears $17,000.00 a little while back and my mother bailed me out of imminent foreclosure. My business was just starting and looking very fruitful, but now things are slow.
I no longer make enough money to pay this large amount.

This is taking a toll on my mother and I am trying to see if I can lower the monthly payment through a Loan Modification.
If I am not making enough, can "my mother is helping me" be stated as income? I am going insane with this and trying to figure out what to do.
Would I benefit from hiring a lawyer in this case?
Please help.
Jess

[faith]

Originally Posted by Jrixey

Hi here is a brief rundown of my situation.
I.....................................Would I benefit from hiring a lawyer in this case?
Please help.
Jess

Jess,

Almost all of the homeowners nowadays suffered due to the worsen economy, predatory lenders and promises of our politicians that seemed never worked or helped us. These mortgage contracts violate one or more lending laws—and most of them go unnoticed due to homeowners not paying attention to the contract they’ve signed and their failure to say NO, DON”T or CAN I THINK ABOUT THIS and the deceptive and unfair practices of lenders, brokers and banking institution. These violations can be your biggest weapon in the loan modification process. They can give you the leverage you need to negotiate with your lender and stop foreclosure.

If you think you are not able to pay your mortgage payments anymore you should act right away and don’t wait too long. The system in foreclosure process can help you get back on your feet. Not all people will qualify for a loan modification. Maybe you’ve fallen too far behind, your lender may be simply hard to work with, or maybe you don’t need it after all. If you wait any longer it will very hard to get you out of the help you may need.

A lot of people do Loan Modifications on their own and this is simple by contacting your lender and ask who handles the Loan Modification and get all the information you need to start the Loan Modification process. You can write a financial hardship letter and specify why you can no longer afford to pay the mortgage and tell them how much you can afford and if they can lower your interest. Make sure to submit your paperwork on time, answer questions honestly, and give them a clear picture of your financial situation. This forum has a lot of success stories about Loan Modifications, if you click on each one of them under Loan Modifications, you may gt an idea on how Loan Modification works. But the best source is to ask your lender first.

If you can’t get your loan modified, talk to your lender about a short sale. This involves selling your home for less than its fair market value and giving the proceeds to your lender. Although you still lose your home, it’s not as damaging to your credit as foreclosure is, so it’s easier to get back on your feet. Your loan modification doesn’t rest in the hands of your lender, your broker or anyone else but YOU. You have to work hard, do your part and get all the necessary information from your lender to find out how Loan Modification process is in their company.

If you feel that you need a lawyer be prepared to ask your lawyer a lot of questions like how much do they charged, flat fee is acceptable but don’t accept hourly. How are they paid?Will he go through the contract with you before signing? You should hear a non-hesitant yes. And it’s a good idea to do this after you’ve had a chance to read it on your own. How much experience do you have doing Loan Modification. Listen carefully to his answers and follow your instinct. Who is handling the file? The best is a partner or senior attorney. You can check the California BAR Association website to see if the lawyer you want to hire is license to practice law and be able to get information about this lawyer. Make sure the lawyer is a Real Estate Lawyer and has experienced doing Loan Modifications.

Your loan modification lawyer can help you understand your rights and use them to get the results you want. Work with your lawyer. These people can help, but you need to cooperate with him. Don’t file for bankruptcy, unless you really have to. People think that filing for bankruptcy can help them stop foreclosure. But statistics shows from the American Bar Association that it doesn’t work that way. In fact, 96% of the people who file bankruptcy end up losing their homes anyway—so they’re left with a foreclosure AND a bankruptcy on their records.

In some cases, bankruptcy is still a good and very helpful option, but don’t make any decisions without getting professional advice. Hiring someone who is a Real Estate Lawyer with expertise in Loan Modification is an option available to you and it is your decision to make. God bless you and be at peace.

[Jrixey]

Hello Faith-Thanks you VERY much for this helpful information!
I am saving this post to refer to.

Jess

[Marshall Rosenbach Esq.]

Jrixey - I am sorry that you are having such problems. First, has one year expired yet since you got this refi? If not, you may have some rights that you can pursue under the Truth in Lending Act. So it's important that you go check that out and let me know. Second, if you don't have money to hire someone, go for it yourself! I would advise the negotiator that yes, your parents assist you. If that is the plan going forward, then I would state that. On the other hand, if you are very close to making the payment on your own without your mom's help, and the plan is to pay it on your own, then I'd submit it without your mom's info. However, if without your mom's income you are so far away from being close to meeting your expenses, I think you will probably have no choice but to include your mom's income. I know it's very confusing, and seems daunting, but it's not impossible. You just need to get all your docs in at one time, follow up, and stay on them requesting updates. If you know you cannot handle all of this, I would hire a lawyer who knows what he/she is doing. That way you know you have a professional working on it and you will be taken care of. If you need to talk to me further you are welcome to email me at marshall@marshallrosenbach.com.