Loan Modification program….I have heard of hiring a lawyer to force the mortgage company one is using to…?

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make them lower the amount of payment. is this true and legit? will it take a hit on credit? if so, how much of a hit? Star me!!

5 Comments
  1. Reply
    realtor.sailor
    April 29, 2011 at 9:25 pm

    You can’t force your mortgagee (lender) to do anything. You can only ask.

    realtor.sailor

  2. Reply
    Pojo
    April 29, 2011 at 10:15 pm

    Here is how it works, you pay (upfront) for the service and when you read the fine print they CAN NOT guarantee they will be successful.

    It is not allowed to beg for stars.

  3. Reply
    ☼AstrologerJuliAnne☼
    April 29, 2011 at 11:13 pm

    You do NOT need to hire a lawyer or outside company to do something yourself. Call your lender and ask to speak to the loss mitigation dept. Visit these forums to see how others are doing it without the hefty fees:

    http://www.loansafe.org/forum

    Save the $ $ $ you would throw away on these companies and use it to pay your mortgage!!!

  4. Reply
    Elsa D
    April 29, 2011 at 11:26 pm

    No, this would not be legit. There are no legal grounds to force the company to alter a contract you already agreed to and signed. A lawyer could only help if the loan you agreed upon was illegal in some way.

  5. Reply
    Noneya
    April 30, 2011 at 12:15 am

    The way it works is the lawyer requests a copy of you file under the guise that they are requesting a forensic audit to make sure that the bank disclosed everything according to RESPA guidelines. This will get the lenders attention and instead of facing the possible consequences for improper disclosure they happily agree to do a loan modification….in theory anyway.

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