loan mod with or with out an att.

[ill1965]

i recently spoke to a lawyer who handles loan mods. is it worth it to hire one or continue the process on my own? his fee for all work is 2500.00. contacted the mortgage company, they needed my wifes updated unemployment extention documentation. is this a delay tactic?

[Evan Bedard]

Hi ill1965,

i recently spoke to a lawyer who handles loan mods. is it worth it to hire one or continue the process on my own? his fee for all work is 2500.00. contacted the mortgage company, they needed my wifes updated unemployment extention documentation. is this a delay tactic?

That is not a delay tactic, it is very common for your lender to ask for updated info throughout the process. It is really up to you if you want to hire an attorney or not. I have seen success with attorneys, but at the same time borrowers are acheiving the same kind of modification on their own. It benefits having someone work on your case for you because you will not have to waste hours and hours of your time on hold with your lender..

[caldwellb02]

Hi Ill... I don't know what state you are in. I know in CA they have now a law against attorneys or others asking for upfront fees for loan mods (see the California Foreclosure law thread). However, if you trust this attny, they COULD save you alot of heartache, as Evan said.

[darkdays]

It comes down to a matter of time. If you can dedicate the time it takes to fight this battle then don't spend the $2500. I would imagine the lender will wonder why you spent the $2500 on the atty instead of giving it to them since the lender always thinks about money that is not sent to them. Personally, I think you need to know that the attorney is not going to get you different results, does not have an inside track with these lenders and is just going to have a legal assistant in their office make the calls for you and pass along the information to you which may slow down the process, but that's just my thought. You need to be able to have a place you or your wife can go to make this personal call without being interrupted and understand the calls take forever as you spend alot of time on hold. Lenders are open late these days so you can maybe call in the evening.

[heidi79]

you can definitely do this without the help of an attorny or a modification company. you have to be ready for the time it takes and the frustration that comes along with it, THE MOST IMPORTANT thing I think is you have to be sure that you fax and give the correct financial information so that you have a better chance of being approved.

it can be terrible to take this on, on your own and then lose months of time and get denied. they shouldn't be asking for $2500 up front, more like a partial application fee to send in your package.