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Should I get a lawyer

I have 2 mortgages, and I'm seriously considering loan modification (even if it's possible).  Should I get a lawyer (not that I really have the money but will do it if it's necessary) or go at it solo?
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December 13 2010 - US
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Answers (7)

If there is a financial hardship that you can document then applying for a loan modification is what is needed. You can do this by just contacting your loan servicer. You will need to fill out a financial statement and hardship letter and also supply them with bank statements and tax returns in most cases. The bank will provide those forms for you (financial statement etc). Be prepared for a long process and stay persistent. Be wary of anyone charging upfront fees...there are some that are good and most that are bad. You can do just as good by yourself.
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December 14 2010
There is no need for a Lawyer to get involved. You should talk directly with your Primary Mortgage Holder and tell them that you would like to do a Loan mod. ask for all detailed paper work. They should send it to you. As long as you have a valid hardship then it should be fairly smooth, but you must keep in constant contact with the Mortgage Lender, communication is key. If/ when your second gets a hold of you tell them that you are doing a loan Mod.
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December 14 2010
Call the banks directly to see if they will work with you. No lawyer necessary, just lots of patience and persistence on your part. Lots of time on hold, be prepared!
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December 14 2010
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December 14 2010
We all have spent 700 billion so no one has to get a lawyer to get a loan mod. Call your mortgage company and experience the bail out at work. Solo is a good start and 888-995-HOPE could give you lots of help as well. http://www.995hope.org/
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December 14 2010
A lawyer is not usually necessary.  Whatever you do don't pay anyone an upfront fee.  Make them perform and then pay a performance based fee or better yet contact the lender and see what you can do.
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December 13 2010
Don't spend your money on a lawyer. See link below.
http://www.fhfa.gov/Default.aspx?Page=61

Hapy funding, Rudi
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December 13 2010
 
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