Homeowners should be careful when dealing with "loan modification" entities, law firms included, that claim they can modify your loan. The mortgage industry has changed greatly in the last fifteen years. Your note and mortgage are probably owned by a large corporate lender. Personal relationships between brokers, attorneys, and others in the mortgage industry do not matter anymore. Anyone claiming that they can modify your loan based on their extensive prior experience in the mortgage industry is probably not looking out for your best interests.
Free Consultation
We offer a free consultation. During our initial consultation we can advise you on how to best prepare and submit your loan modification package. Unfortunately, the vast majority of lenders fail to give serious consideration to loan modification packages until after they have served the homeowner with foreclosure papers. Servicers make money by foreclosing, and lenders seem interested in pursuing modifications only as the foreclosure process moves forward and the lender gets closer to taking back another "upside down" property that it does not really want.
Law firms that assist homeowners with loan modifications are now required to hold advanced fees for their services in a trust account if a lawsuit has not yet been filed. Those fees may be collected only where the loan modification has resulted in a "material benefit" to the homeowner.
