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Foreclosure Defense - What Are Reasonable Attorney Fees?

Discussion in 'Foreclosures' started by dkcurry, May 8, 2011.

  1. dkcurry

    dkcurry LoanSafe Member

    We have decided to do a strategic default with the plan being to delay foreclosure as long as possible and then do a short sale. The mortgage on our home is $275K 1st, $53K HELOC and the current value of the house is around $180K.

    I don't want to screw this up and I'm too exhausted to try to figure this mess out alone, so I am hiring an attorney.

    I have meet with third attorneys to discuss the case. The attorney I will most likely work with charges a $1500 retainer, plus $300 a month for foreclosure defense.

    Is this reasonable? From what I have found on this forum, it does seem reasonable, but I am looking for feedback to validate my decision.

    Also, I just missed our first house payment and I are planning to wait until I receive written notification from my lender, Wells Fargo, that they would be pursuing foreclosure before hiring an attorney. Is this foolish or reasonable? My delay in hiring an attorney is strictly a financial decision as I am unemployed and struggling financially...

    Just as a FYI - I live in South East Florida - Broward County.

    Thank you for your feedback.
  2. Cat Damiano

    Cat Damiano Mortgage Wars

  3. calphotography

    calphotography LoanSafe Member

    The fees sound pretty reasonable to me .... but then again I live on the central coast of California where everything seems expensive.

    I have been foreclosed on without regards to proper notification nor the HAMP MHA Guidelines by BofA. I am talking to an attorney for a wrongfull foreclosure suit. She wants a $5,000 retainer to start. She justifies the amount by needing to charge $350 /hr (going rate here) and about $1,200 in filing costs.

    Good luck with your case !

  4. triplesmiles

    triplesmiles LoanSafe Member

    Hey Cat. I am currently fighting wells fargo on freddie mac loan. the fees that are tacked on to our loan associated with legal fees and foreclosure fees are over 11000 which is 20% of our loan value. We are past due for 10000 and then they say we owe almost 12000 in foreclosure fees. I have read that freddie mac loans should have a legal fee cap of some sort and i cannot find out what that is. thanks for help

  5. Francie

    Francie LoanSafe Member

    The fees are what they are and seem reasonable to the extent of actual work. I don't buy into the $300. a month as that could be while you are waiting (from this point). My suggestion would be to interview attorneys and pick one. Let them have info. to keep (for file) so they aren't "cold" when THAT SERVICE comes. Yes, then hire and pay. You'll have 20 days to answer so that is not the time to start looking for an attorney - great that you're doing it now. I suspect you'll not actually need the attorney until 2012 unless the foreclosures have speeded up dramatically.
  6. Cat Damiano

    Cat Damiano Mortgage Wars

  7. triplesmiles

    triplesmiles LoanSafe Member

    thanks cat. what is interesting is i have searched everywhere for those "published" guidelines and cannot find them anywhere. You would think that if they were published, we would be able to access them. Thanks.

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