What is Success Rate of Loan Modifications Using an Attorney?
By: Diane Tuman, Zillow Content Manager | October 28, 2009
Good question in Zillow Advice by Kelly Roehrich:
What is the success rate with loan modifications using an attorney?
Do you have any experience doing a loan modifications with an attorney’s assistance? Can you give Kelly some advice?
- Stumble it!
- Categories: Mortgages, Real Estate Advice
Comments
6 Comments so far
Enjoy this post? Subscribe to the Zillow Blog feed or get updates via e-mail
Jeffrey on October 28, 2009 11:29 am
The only way to get a sustantial modification is TO HAVE A Loss mitigation attorney do this for you.
Sure, you can do it yourself, and a candystriper MIGHT be able to do a shoulder surgery too.
Towson Homes on November 2, 2009 5:45 am
We have had mixed success with loss mitigation attorney’s and their execution of loan modifications. It really depends on the lender and the borrowers current financial situation. Sometimes the bank is very willing to negotiate and other times it is a challenge to just get a modificatoin package.
Jean on November 9, 2009 9:01 am
Do you have any advice on ways to get a modification approved? We have been denied and soon our mortgage will be more than half of our income. I am reluctant to pour my savings into a home I may ultimately loose.
Do we short sale, walk away or buy time. We may not have enough savings to ride out the market.
Loan Modification on November 11, 2009 11:31 am
It’s seems that to hire an attorney it’s the best way. They are professionals and would know how to get you a best deal possible. But I am myself would like to see some stats on this.
Jeffrey on November 12, 2009 12:37 pm
http://www.fedls.com/results.html
If you need substantial results, like 30%-50% lower payment you would want legal advice. I can get that provided to you at no charge. Then, based on all the parameters of your case, and if the attorney sees this possible, then by all means Go For It. If not, try something else, the above comment from “Loan Mod” is right and if you follow the link in my post you will see the actual documents from happy clients that would let us post their results. I know people that have done their own and the lender lowered their payment $100 a mo which after 28 years is $60,000, not a poke in the eye but 1st off not any big help and definitely not as good as a loss mitigation attorney that has been able to get 5x that and then some balance forgiven and pushed out to 40 years,etc., etc.,,,,,,,,,,I mean getting EVERYTHING, not peanuts to hush you away ya know.
A lot depends on the lender, WHO you are dealing with(Which PARTICULAR individual) and YOUR Finances.
Jeffrey Luther will do a free analysis.
Jeffrey on November 12, 2009 12:49 pm
I meant Towson Homes as the referred post that I agreed with.