Are they worth getting in this time of need? I was laid off and don’t have alot of money. Will these people work with me to pay them to redo my loan appropriately?
You do not need an attorney to do a loan modification. You can work directly with your lender if you choose. There are loan modification companies that may possibly be able to negotiate a better workout for you. The bank is looking out for themselves and will do the minimum to satisfy you. A loan modification company will probably charge you approximately the equivalent of one house payment subj to minimum and maximum. They work on your behalf and can usually negotiate the best possible workout for you.
How much are Real estate attorneys fees to remodify mortgage loans?
By admin in mortgage loans
Dec
25
Comments
Your better off going thru a mortgage broker.
They will charge you an origination fee and processing fee. It will probably end up costing less than an attorney would charge.
Ps. You might be able to talk them out of the origination fee, if you tell them your story.
References :
You do not need an attorney to do a loan modification. You can work directly with your lender if you choose. There are loan modification companies that may possibly be able to negotiate a better workout for you. The bank is looking out for themselves and will do the minimum to satisfy you. A loan modification company will probably charge you approximately the equivalent of one house payment subj to minimum and maximum. They work on your behalf and can usually negotiate the best possible workout for you.
References :
CA Licensed Realtor
No need to get an attorney to get a loan modification. First of all, if you have been late on a payment, call your lender directly and have them modify your loan accordingly. Keep in mind, they will evaluate what the value is, how much you owe, determine your ability to pay back and then decide whether or not to gran the modification. In other words, if you are so "upside down" on your house (loan is much higher than value) they may consider a principle reduction as well as an interest rate reduction. However, if you lost your job and have no real way of paying anyway, you may well be denied.
If you haven’t missed a payment your bank will probably stonewall you and you need to use a loan modification service (not an attorney). I suggest talking to friends, reletives local people you know in real estate and get a referral becuase some of these services are shams. Be Careful!
References :
20 years in the real estate field