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Loan Modification Attorneys California

Question: Should I do my own loan modification?

I live in southern california and property values dropped like crazy. Should I do my own loan modification or use an attorney? Is it hard?

Answer: From what I understand, an attorney (who actually specializes in Loan Modifications) can get you a better rate because they negotiate on behalf of many homeowners each month AND banks like working with attorneys because the client has mentally committed to going through with it as opposed to homeowners individually calling without really knowing what they're doing.

You can do it on your own, but would you buy a home without using a realtor if you didn't know what you were doing?

There's a couple of articles I found here-

California Attorneys: How Can A Loan Modification Lawyer Help Me?

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Loan Modification Tracking

Question: Why was it so fast and easy for Obama to get giant credit card companies to reform but not mortgage companies?

It took a week to introduce/pass a bill that would lower late fees and other shark tactics credit card companies use, but Obama's mortgage bill didn't pass nor any reforms with mortgage companies. How is it that mortg companies have more power/influence to be untouchable? Why did Obama lie by constantly telling us he passed reforms that would allow loan modifications when none of it even came close to passing and only got side tracked by the swine flu the same week the bill failed? He even stared in commercials for the scam artist modification companies who stole people's money pretending they'd modify their loans, only for the mortgage companies to say NO WAY JOSE.
Unka it was the sharp decline of housing prices that brought on this mess to begin with. People can no longer refinance or sell their homes bec their mortgages are higher than the value so you are obviously misinformed.
MikeGolf - interesting, I had not thought of that.

Answer: Why he has a magical pen doesnt he?? Hey look over there the Swine Flu!!! Hehehehe Hey look GM and the Unions hehehehehehe (in the middle of the night) We need this money to save our economy Now!!! hehehehe He is a Genius this guy is with his magical pen!!!

Loan Modification Software | Loan Mod Software | Casi Mod | www.casimod.com

Loan Modification Statistics 2009

In a move clearly targeting loan mod shops around the country, Sen. Charles Schumer said on June 2nd that he will amend a bill he introduced in early 2009 which initially focused on mortgage brokers doing loans and refi’s, to include loan modifications done by these brokers as well. Schumer’s bill, titled “The Borrowers Protection Act”, will now place restrictions on loan modification companies, mortgage brokers, and others who collect advance fees from struggling homeowners to modify their current mortgages.

New York Governor David A. Paterson also announced legislation that would ban advance fees paid to loan mod shops with the exception of attorney’s offices while Schumer’s amended bill will force loan mod shops to follow federal registration or licensing requirements and adhere to guidelines on truth in lending laws, fees, and marketing. The allowance for the continuing collection of advance fees by attorney’s offices should serve at least as an implied endorsement of their work in the loan modification industry.

Both bills seek to eliminate the shoddy and misleading marketing tactics often employed by loan mod shops that lure struggling homeowners into a loan modification process with guarantees of principle reductions, ultra-low interest rates, and other unsubstantiated claims.  These shops often spend the bulk of their time and effort on marketing and collecting fees but then spend little or no time on the loans they have been hired to modify. Both Schumer’s and Paterson’s bills are aimed at the shops that are taking advantage of homeowners by promising undeliverable results and then, simply, not delivering. The anger and vitriol on the issue comes from the fact that those homeowners not only lose the money that they paid in fees, they are often subject to foreclosure if they have fallen too far behind on their payments during the loan modification process. Another issue with the loan mod shops is that one out of every two homeowners that get their loans modified with them fall back into default within six months. Including homeowners that negotiate directly with their lenders, Fitch Ratings expects those default rates to approach 70% of all modified loans by the end of 2009

Schumer’s and Paterson’s bills, allowing for advance fees to attorney firms and disallowing them for all others, acknowledge the superior work done by the law firms in the area of loan modifications. While statistics are hard to come by, it is estimated that attorney driven loan modifications are two to three times more successful at keeping homeowners out of foreclosure than the loan mod shops and do it yourselfers. The reason for the huge performance gap is that attorney driven loan modifications result in greater concessions from the lenders, lowering mortgage obligations to a point where the payments fit into the homeowners’ budgets, allowing them to stay current on those payments. The loan mod shops and do it yourselfers, on the other hand, are much more likely to accept offers from their lenders  for modifications that are not sustainable for the short term, let alone the life of the mortgage.

"We always tell the client to always make a mortgage payment if you possibly can," said Kisha Wright, with the Long Island Housing Partnership.

About the Author:

Alex is a famous author who writes about Loan Modification. Loan Modification Help Center is a free resource for millions of people to find information regarding several topics related to loan modifications and resources to information.

Source - The Cream Rises in Loan Modifications

Vegas PBS Recession Rx June 8, 2009 Part 1