Prefer to talk in person? Find a mortgage specialist on Zillow
Profile picture for bagrin1

how do i get a loan mod and should i get a lawyer

  • March 24 2010 - Cypress
  • 0
    0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

Answers (4)

It really depends on how resourceful you are and how much time/energy you want to spend.

If you go the hiring route, I'd definately investigate if there's pending litigation or complaints against the attorney or modification company.

Check my profile for a free self-modification website. It has a packet that you can download that has:

- Current success ratios by lender
- Elgibility requirements by lender and program
- Modification checklist
- Tips for a successful mod
  • March 24 2010
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

You don't need a lawyer unless there is legal activity.  You do need knowledge and don't pay up front fees...........
  • March 24 2010
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

You do not have to have a lawyer to file a loan mod with your servicer.  You may find that you don't have the time or energy to deal with your servicer to get the loan mod done.  You also may not have the experience to deal with them, it is a frustrating process.  Some modifications are straight forward and some aren't and a lawyer will be able to handle all the headaches and have the experience to get results.

Our Attorneys will do an up front free evaluation of your loan mod - no cost to you.  They are aggressive and have a strategic panal process for handling cases.  They are located in Orange County, CA and do not charge up front fees.  If you decide that you need the service or submit the mod yourself and keep hitting roadblocks at least you have options.
  • March 24 2010
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Apply with the servicing lender as a start.  Hard to get a MOD if you do not ask or apply and prove hardship.  As far as a lawyer...  that is your call...  Just have some money ready to "employ them".  They are simply "legal" Brokers in a way and can't "legally" force a lender to do anything without cooperation.  They can be a great asset to people, but the best advice given to any and all suffering is get you financial (truthful) picture together to prove hardship as they will go through it all AND verify it all with the IRS prior to granting anything.  Most lenders have a direct connection to some type of assistance dept.  That is the place to start.  Mods are designed to modify terms so that borrowers will continue to pay the entire balance back some day.  If there is no hope that a MOD would work for both sides, inevitably, the home will be foreclosed upon.  It does not take an attorney or $2,000 - $3,000 to figure that one out.  Most lenders really are trying to help as best they can for many reasons... mostly to help them from a catastrophic loss, but if it helps the borrower as well, then it is a win-win.  Good luck to you.
  • March 24 2010
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.