Let us get right to the point. Yes, you do need a loan modification attorney.
The loan modification process is a legal process, and if not handled properly according to federal and state laws, things can get worse for you in the long run. A loan modification attorney has extensive and wide ranging experience negotiating with banks and legal entities, and they understand state and federal law as well as lending regulations. They can also use the Truth in Lending act (TILA) and Real Estate and Settlement Procedures act (RESPA) to your advantage.
Negotiation from a position of strength is what attorneys are trained to do. We comb the haystacks looking for leverage to help you avoid foreclosure and to keep your home with an interest rate and loan term that you can handle.
Loss Mitigation is a fairly new industry and as such it is not very tightly regulated. This has led to a notable number of unethical companies purporting to provide Loss Mitigation, Loan Modification and stop foreclosure services. Homeowners should be aware that such companies do exist and are advised to avoid companies that offer 100% Guarantees or are not attorney-backed where the Attorney is available. Ask to speak to their Attorney and see he has the experience necessary. There have been several Loan Modification companies advertising "Attorney backed", "Attorney assisted" or "Attorney based" loan modification services. These Attorneys are not your Attorney and these companies should not mislead you or misrepresent the fact that they are a Law Office and have the ability to invoke your legal rights. In most cases these companies can only obtain an unaffordable forbearance agreement from your lender. If you are approached by a loan mod or loan modification company to help negotiate your mortgage or stop foreclosure please be careful as to not fall victim and research them carefully. Ask to speak with an Attorney as these companies may take upfront monies that a portion is refundable and there are no guaranteed results. Having examples or testimonials from past clients on websites are normal marketing strategies and should not be found as reliable sources. Make sure they have a approved contract on file with the state they are licensed in and are in good standing. Do not trust just anyone with your complex situation. An Attorney can offer you reliable free advice and assist you in stopping foreclosure and making the right financial decision. Know your foreclosure rights!
IMPORTANT NOTICE:
"Attorney based" Loan Modification Companies are not Law Offices and should not be offering legal advice to homeowners facing foreclosure or other financial hardship. Mortgage companies have become much more aggressive in pursuing borrowers for mortgage fraud, if you made overly "optimistic" representations on your loan documents and are now facing foreclosure, it is imperative that you have representation through the foreclosure process for your own protection.
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