Foreclosure Attorney
It started with the lenders being bailed out by the US tax payer; and it will end with the lenders (finally) conceding that tax back to the US taxpayer in the form of forced mortgage relief. What am I talking about? Loan Modifications. When you are unable to pay your mortgage, for certain reasons, a loan modification can certainly be a very viable option. Lenders have not been forwarding credit to homeowners since their bailout started, and the bottom of the housing equity drop has not yet been established (as of the writing of this article 6/20/10), so refinancing today is out of the question for even the people who are current on their mortgage! For people who are behind, limited options do not a death knell spell. There is the deed-in-lieu handover, a short sale, a loan modification, and the ever present bankruptcy.
In this era of mortgage relief via loan modifications, short sales, and (especially) bankruptcies - are not recommended. Why be responsible for the short sale balance when you do not control the asset any longer, or why pay for an asset, plus 15%, to a bankruptcy trustee attorney - on an asset you no longer own?
Why indeed?
The best option available to most is the loan modification. And the best way to get that done is through an experienced loan modification attorney!
Why an attorney?
For the answer to that lets look at the options available. There are basically 4 avenues to obtain a loan modification. The first is through the lenders themselves. It is free and costs only your time and aggravation. Though loan modifications have been accomplished on ones own effort, they turn out to be rare occurrences. The lenders usually tell you to take a long walk off a short pier. People who have gone through the experience relate that one got the feeling it was the "lenders job" to turn you down for a loan modification. You may turn to a non-profit organization or a charity, but the negotiator - remember - is a volunteer, usually inexperienced and though I applaud any and all efforts on their part, by the time they get to most people, those people have lost their homes through the foreclosure process, or it is usually too little, too late.
The third is an interesting choice because it is a gamble. A true gamble. Whereas in the first two choices were free, the 3rd party loan modifier costs money - and you may not obtain a loan modification! They are usually mortgage brokers who have excellent relationships with some lenders, but not all, and they may obtain a loan modification for someone on Monday, but fail miserably on Tuesday in a similar situation, with a different person, and a different lender. You can tell who they are because they usually have references to loan modifications in their name - but are not attorneys, (Settlement Specialists, Mortgage Defense, Loan Solutions, etc.
That to me is a gamble! Why gamble with your house?
A Loan Modification Attorney(s) have the legal power to initiate and carry forward proceedings. This makes them formidable adversaries. Creditors are generally wary of lawyers, and prefer closing the negotiations quickly. The general tendency of the creditor is to get the negotiations over as quickly as possible which gives an attorney the leverage to convince the lenders to provide more concessions in terms of late fees and the elimination of penalties. Attorneys can help the borrower "cut a real good deal" as far as loan modifications go.
Foreclosure Attorney
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