Loan Modification Attorney or Loan Modification Lawyer?

There are several reasons to choose a loan modification attorney rather than attempting to negotiate a modification with your bank alone. Attorneys have legal pressure that they can use against the banks, ensuring that the banks respond in a timely matter to the attorneys requests. Handling a loan modification on your own and not having the experience is very trying, difficult, and will more than likely result in a denial. Would you represent yourself in court or have an attorney who has experience and knowledge of the law? Of course, the reply is the attorney. The same goes with an IRS audit; would you represent yourself or have your CPA there to handle the situation?

One of the main reasons to choose a loan modification attorney or loan modification lawyer it that they have a bar license to practice law and the likelihood of them going out of business or not practicing law is very slim. Many homeowners are afraid to hire an attorney because of all the scam loan modification companies out there, but simple calls to the Department of Justice and your states bar can help you find out if an attorney is legitimate. Attorneys have spent years and thousands of dollars for college, law school and taking the bar exam. Most will not throw all that away to scam a homeowner.

Attorneys also have an ethical responsibility to their clients. It is easy for the homeowner to contact the Department of Justice and complain about the attorney which could result in the investigation of the attorney.

The experienced loan modification attorneys are not very expensive and are less expensive than the cost of a refinance. In many cases, the loan modification terms end up better then the refinance terms and there is a possibility of a principal reduction, which is not possible with a refinance.

With the New California Senate Bill 94, implemented October 11, 2009, attorneys can no longer charge a retainer fee that would usually be held in the attorneys trust account. Instead, the attorneys are charging their fees as each step of the work is completed based on the attorney agreement with the client.

Handling a loan modification can be done by a homeowner if they want to try the process, but most find that it is frustrating and that they do not have the knowledge to question the right questions or even fill out the paperwork correctly. The general language of loan terms and modifications work is confusing especially when it comes to how thehomeowners credit report it impacted.

If you try the modification yourself, just remember that the bank is working for the bank and they are not working for or representing you. This is the opposite of what the attorney is doing, as you are paying them to get you the best results possible.

The loan modification business is changing on a daily basis just like lending, so that means new programs and new guidelines as well as some going away. This makes it even more difficult for a homeowner to be successful with their modification. If you do try it yourself and find that you are denied by your bank, dont give up, keep trying. If you find that you are frustrated, call an attorney firm to handle it for you.

The reputable attorney firms will prequalify you up front before they begin work or begin charging you. The attorneys are not in the business of taking on a client that they cannot successfully help. Their goal is to do the best that they can for you.

If you need further information on how to handle a loan modification or need additional help from an attorney, please contact us at www.CallALMS.com.