question

[Lisaw]

I have a question regarding using the services of a modification service, an attorney based mod. service. I dont understand why someone would pay the high fees of 3000.00 for an attorney backed modification when it clearly states on their contract that if attorney services are needed it will cost more, like 350 an hour, why wouldnt you just go with someone like a company that charges 1000 ? The attorney's modification people try to make you believe that you are getting the service of the lawyer also which isn't true? right?

[Janeen]

Try not to blanket all Attorney based companies with each other. Some are very very good, & some are not. Same with any profession, contractors, dentists, doctors etc.

An attorney is not going to do all the processing on the file. A normal modification process can take 30 days - 6 months. Can you imagine how much an attorney would charge for all that time?! (Considering it's a constant battle with the lenders every time you call & they keep you on hold for 20 minutes everytime.)
An attorney should be able to speak to the homeowner, discuss their situation & expectations, review the original loan documents, give legal guidance if the lender is absolutely refusing to be cooperative, make a call to the lender, write letters & if worse comes to worse, can also guide you legally whether it be for a short sale, deed in lieu or to sue the lender. On the good side, the attorney will also be the one to call the homeowner with the terms of a modification Approval.
So, above all this, you basically have an attorney on retainer at your disposal to answer legal questions anytime you have a legal question throughout your process.

Most homeowners didn't blink an eye to pay a broker or loan officer (possibly unlicensed) $3K-$10K origination (commission) when they purchased the house,.....why wouldn't you pay an Attorney $3K when you are trying to save your house, your finanacial stability & your family's future?

[alvin9]

Hello, I agree with both people but I did pay a guy who was not licenced by the DRE and he charge a 1000. He got me a repayment plan and then changed his story when more work was involved. So I had to start all over again and I did it myself and it didnt cost me anything. I do believe in getting the financial straight is your first bet and then call a nonprofit organiztion for assistance because it really isnt rocket sicence but you do need to know if the lender will included taxes and ins. So I highly advise everyone to learn it on there own how to do it. If he loan was fraud or anything in that sort then...YES go to an attorney but a good one...some make to see that they are good but they are not.

[RaymondFuller]

[QUOTE=Lisaw;69756]I have a question regarding using the services of a modification service, an attorney based mod. service. I dont understand why someone would pay the high fees of 3000.00 for an attorney backed modification when it clearly states on their contract that if attorney services are needed it will cost more, like 350 an hour, why wouldnt you just go with someone like a company that charges 1000 ? The attorney's modification people try to make you believe that you are getting the service of the lawyer also which isn't true? right?[/QUOTE]

Lisaw,

If you work with anyone for a modification, you want to work with either a non-profit or an attorney. Should you choose to work with an attorney you need to research that firm in-depth with the state bar and the bbb. There are soooo many greedy people out there that aren't representing homeowners the best way, and to avoid being victimized DO YOUR RESEARCH!! Good luck with whichever choice you make.