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Loan Modification Attorney

Gavel and Judges' Chair

What can I expect from an attorney?

A lawyer will want to "pre-qualify" you. What this means is that the lawyer will not want to help you unless they feel they can successfully negotiate a loan modification on your behalf. With their help you should be able to save a significant amount of money every month including your Principle,Interest,Taxes and Insurance, which could add up to a huge savings over the course of your loan, also making it possible for you to pay them. To get pre-approved you will have to answer a few very personal questions - the same ones asked in the government's Home Affordable Modification program. Links to most of what you will need are available further down on this page.

(Note: Lawyers typically charge from $300 to $500 per hour for their services.)

What they should do for you is:

Compile your basic information with you - something you could do for yourself - it's everything else that makes them worth it.
  • First they pre-qualify you - to make sure you are not wasting your time, energy, and hopes on the wrong solution for your needs. (That's where we're at right now.)
  • Then they assist you in preparing a 'Hardship Summary Letter'.
  • Your attorney will send your lender the legal 'Do Not Contact' forms.
  • Prepare a Qualified Written Request to your lender.
  • Then they may or may not perform a 'Forensic Loan Document Audit' to see if you were taken advantage of by your lender and to check for improprieties in your loan to ensure it was prepared legally.
  • Your attorney will review and analyze what has happened to you and insure that your lender complied with RESPA, TILA, HOEPA, and other regulations.

This process takes about one business week.

The next step is to review and analyze the documents discovered through the audit process.

Then they will prepare a Financial Worksheet for a Loan Modification.
  • Then prepare and submit the Loan Modification Request with a package of Supporting Documents.
  • This allows them to negotiate with your lender for you. - let me ask; assuming you were able to get this far on your own, who do you think will be able to get you the best deal - professional negotiators that specialize in this field, or the borrower who may be feeling just a little intimidated by the bank? ... Exactly!

This process usually takes about 30 to 90 days - depending on how much your bank drags their feet ... during this time they are not allowed to harass you.

The final step happens when your lender accepts the terms of the negotiated Settlement.
  • Your attorney will prepare the Final Documents and explain the Terms to you in an understandable way so you can protect yourself from further trouble with your lender.

The whole process can be as quick as a few weeks, or drawn out to as much as five months. Your attorney will stick with you the whole way.

To date, most of the lenders dealt with by competent attorneys have chosen to settle out of court - they know they won't win.

Although they can't guarantee any specific results, they usually have a history of winning most every time - So, the bank knows an attorney wouldn't have pursued your case if they didn't expect to win for you.

And although you can do this without any help at all, (it's not required to hire an attorney) please realize that the banks don't like to go up against professional legal assistance and will fight you all along the way. Out of the millions in need, only a small handful of do-it-yourselfers have been successful without help of some kind. The banks are just too good at confusing and bullying the public.

A do it yourself loan modification does not mean that you blindly throw together some paperwork, send it into your lender and then hope for the best. (Historically, very few have had success by themselves without help - whereas most of those that were successful hired a good lawyer, or had expert help putting together the information they needed.)

A homeowner who wants to have the best chance of getting approved for one of the low interest rate loan modifications will have to make the commitment to spend a few hours learning a little bit about the process. It's not rocket science, you can learn the basics of how to prepare your own loan modification application with the help of a Loan Modification Guide. A low cost, home edition loan modification kit has the easy to understand information you need to increase your chances of getting your loan workout approved the first time.

If you would like to learn more about getting a Loan Modification without any help at all, further help is available below:

If hiring an Attorney doesn't look like your solution, but you are still interested in getting a Loan Modification on your own, go here.

If a Loan Modification doesn't look like your solution, go here.

If you have any questions about loan modification that haven't been addressed on this website, please drop us a note.

This will take you back to the Loan Modification page.

If a Loan Modification doesn't look like your solution, go here.

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