Hiring An Attorney

erzulie

LoanSafe Member
#1
Having a horrible time with my situation.

- Current until 3/2017, with Chase. Lost my job.
- Filed for assistance from Chase; during their process, they transferred me to SPS Servicing, a collection agency.
- Did my best to work with SPS; they gave me the runaround. Approved me for some sort of assistance (they called it an unemployment forbearance) - paid four trial payments Nov 2017 - Feb 2018. No final papers. Submitted more paperwork - nothing.
- Got a new job! Started paying my regular payments in March of 2018. Paid April and May successfully, too.
- Kept calling for months; filed numerous rounds of paperwork.
- They did not accept an online payment from me for June. Contacted them again - "in process". Submitted more paperwork. - Then, while they were "reviewing" my file, issued a Notice of Default on 7/23/2018. I think that is dual-tracking ...
- Denied me for every for of assistance. Appealed; they denied again.
- I have $300,000 in equity in my home. My payments are absolutely affordable now. I could manage a repayment plan, too - if they would just offer me one!

Looking at filing Bankruptcy Chapter 13 as a last resort. Before I do that, though ... I am meeting with an "aggressive foreclosure defense attorney" on Monday, who has excellent reviews on Yelp.

I have read several things on here, that give a rather depressing view as to rates of success in using legal counsel. So, in the spirit of "ask the attorney" ... is there anything I should do to prepare myself? Am I wasting my time and money? I don't quite know what else I CAN do at this point. I am not willing to lose my home - so, I will do anything I can to prevent that from happening!

Thanks for any insight ...
 

bigfrog

LoanSafe Member
#2
There isn't much an attorney can do except take your money; and probably ask you to go ahead with BK, to take more money. You did the breeching. Your best bet is to get with a crooked-it loan officer or realtor. See if they can do creative paper works for you so that you can get on a refi or different loan. But with your financial history, you will eventually be where you are again.

You know you have the equity and want it.. they know that too, and also want it. This is just how the game is played.
 

erzulie

LoanSafe Member
#3
There isn't much an attorney can do except take your money; and probably ask you to go ahead with BK, to take more money. You did the breeching. Your best bet is to get with a crooked-it loan officer or realtor. See if they can do creative paper works for you so that you can get on a refi or different loan. But with your financial history, you will eventually be where you are again.

You know you have the equity and want it.. they know that too, and also want it. This is just how the game is played.
That's a rather dismal view. The lawyer I met with, spent a few hours with me, going over all the nuts and bolts. Laws in CA tend to favor homeowners in many ways. The way he explained it to me, is that they will file a lawsuit against SPS Servicing ... this is something they do multiple times a week for their clients, as they get a large number of clients coming to them with a similar situation. Judges in Orange County seem to also favor homeowners, and will be motivated to accept the suit and follow a process that leads to a mediation (a money saver for all, versus a court hearing). The attorney will then negotiate the terms of a modification - essentially, applying the necessary pressure to extract what SPS should have offered me all along. The grievances that serve as the basis for the suit are pretty clear; while the rules seem a bit silly in many senses (i.e., you are supposed to be appointed one relationship manager to work with), they are apparently enough to give credence to a case that warrants this legal activity.

Yes, SPS is definitely motivated to take my equity - that is more clear now than ever before. I don't think there was ever a real plan whatsoever to provide/approve any sort of assistance. I definitely do not think I would have been able to achieve anything on my own, fighting against them, apart from filing for BK and going that route. I felt that the retainer paid to this attorney was a worthwhile investment towards keeping my home, and am optimistic that it may serve to allow me to get my mortgage current without destroying my credit via a BK. My long term goal is to refinance away from SPS altogether, down the road, once I am current ... having the foreclosure removed from my credit, and no BK, will both prove instrumental to that ability!

I will definitely keep you all updated how this progresses. I am "cautiously optimistic" ... keeping the "emergency BK" in my back pocket in case I need to whip it out to save my home, if for some reason the attorney does not come through. All that I was told, however, appears quite credible to me. I've read some pretty compelling reviews on Yelp about them, too, with situations very similar to mine ... so ... here's hoping!