Should you hire someone to do your loan modification?
But here’s the thing, the one thing that I’m going to advise every homeowner when they do a loan modification and if they’re going to pay someone or if you’re going to attempt to do your own loan modifications you need to be organized!!! You need to have a journal, or a notebook, and you need to sit down and you write in it EVERY TIME you make contact with your lender. Record who you spoke with and what they said, because the changeover at the servicers is amazing. They will say they didn’t receive it or they’re going to lose your paper work. Your servicer/lender will ask 2, 3, 4, or 5 times for your bank statements, pay stubs and other paperwork. You’re going to be in what I call the endless circle of paperwork.
Should you hire someone to do your loan modification? I’m really not going to answer that, but what I am going to say is if you feel you need assistance to get that loan modification through. Yes. Hire an attorney. Here’s my other caveat to that, our partner firm is an attorney firm. I know they work their %#@ off to get the loan modification through for a client. Do not hire an attorney firm outside the state you’re living. If you live in Massachusetts, hire a firm in Massachusetts, or lawyer in Massachusetts that will help you with the loan modification paperwork. Do not hire a firm in California, or do not hire a firm in Florida, if you live in Massachusetts, hire a firm in Massachusetts. If you live in Virginia, hire a firm in Virginia, hire a lawyer in Virginia. Do not hire outside attorneys to help you with a modification. Hire somebody that you can talk to that’s in your state, that’s my suggestion. Again, I’m not a lawyer. What I say on this subject really doesn’t matter in the eyes of law, but this is a true story. I had a woman call me last week who gave $3000 to a company that only gave her a receipt to help her with her modification. No contract, no phone number nothing, and they vanished. In Massachusetts, you MUST be an attorney to take up front money for a loan modification.
That’s my advice, especially as we’ve done short sales for almost 10 years. You have to remember that 90% of my clients have failed a loan modification when they’ve done it themselves. I listened to these people and what they’ve gone through. When a call comes into me and they’re just in the beginning stages of default and they want to keep their property, I’m going to refer them over to my partner law firm because I know they do their work. I know our partner firm will get them through that modification in the most efficient time possible.
None of us have a magic wand, and none of us can get a modification approved every time. Just like none of us can guarantee short sale approval. No one can control what a 3rd party lender will do but if you work with good people the chances of getting approved are ten times better.
For Realtors, Attorneys, Title companies, etc interested in our services please go to http://massachusettslossmitigation.com/
For homeowners needing assistance with avoiding foreclosure please go to http://shortsalemitigation.net/
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