Your Questions About Loan Modification Attorney
George asks…
I paid an attorney to do a loan modification. It didn’t work, and now my home is going into foreclosure. I d?
I paid $1500 to an attorney for a loan modification (in Florida) and I was told by him not to pay my mortgage. He didn’t do the modification. Now my home is going into foreclosure and he wants another $500.00 to represent me. Is there anyone that I can report him to for not doing the work that I asked him to do? I don’t want to lose my home.
Joe answers:
He can modify your home. You can’t report him for not doing something that is IMPOSSIBLE in hte first place. Get real.
You need to stop throwing money at him and cough up those funds you thought you coudl just keep to the bank.
Thomas asks…
Should I accept this loan modification offer my attorney negotiated for me for my current mortgage?
2 months deferred mortgage payments
4.0% rate, fully amortized, fixed, for 5 years
5.0% rate after the first 5 years, for the remainder of the loan
40 year term
no prepayment penalty
my current loan is FHA 6.5% 30 year fixed
Joe answers:
That’s an extraordinarily good offer. However, by extending the term to 40 years, you’ll be repaying this mortgage forever and a day. Total interest, therefore total costs, of the mortgage will be higher. And over half of those who renegotiate their mortgages have gone into default and foreclosure within 10 months. It seems most of them just cannot repay their debts. On the flip side, within 12-18 months, that interest rate should look like a blessing from the money-gods. Interest rates are bound to skyrocket since so much money has been printed out of thin air — monetary inflation inevitably leads to financial inflation.
So, the only question now is, can you make the loan payments? Only you know the answer to that.
Robert asks…
i got an attorney for loan modification but the lady that works for the bank wont return his calls. she keeps?
calling me . is there anyway i can get her to talk to him ? im not looking to spend anymore money i already got burned with the first people i paid. when the bank makes an offer is it gonna be on the phone or in writing. also do they have to make me an offer or could they just pass me up ? i dont think the attorney i got has ever done a loan modification
Joe answers:
You wasted your money. They will not give you a modification through him, just talk to them directly.
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