Charlotte Foreclosure Attorney – Zellers Rudd asked:


There is no doubt that it is entirely possible for you to work on your own with the bank to come to a mutually amicable solution to your foreclosure problem, but you must also keep in mind that time is of the essence in dealing with loan modifications.  While you are trying to deal with the lender or servicer precious time is slipping away. 

Most lenders and servicers continue on with the foreclosure process while you negotiate a modification or other alternative.  Your denial of a modification may not occur until the day before the foreclosure sale.  And if you do receive a modification offer, the offer might be unfair or possibly contingent on you giving up important rights. 

There are no hard and fast rules on what lenders and servicers are willing to do, so it would be very helpful to have a skilled attorney represent you and present your situation in the best light possible. An attorney can review your financial information and help you devise a strategy to reach your end goal whether it be to modify your loan to a fixed or lower rate, add back payments to the principal, temporarily reduce payments, or just to help give you enough time to sell your home or negotiate a short sale, deed in lieu, or other alternative.

An attorney can also review your loans and servicer/lenders’ actions to see if there are any violations of HOEPA, RESPA, Reg B, the Fair Debt Collections  Act,  the Fair Credit Reporting Act,  acts regarding subprime loans, Buy Levitra Online predatory lending acts or any of the other consumer/borrower protections found in North Carolina and/or Federal law.  There are many rules and regulations out there that protect borrowers and consumers that you may be able to take advantage of. 

Additionally, an attorney often has contacts in Loss Mitigation, Short Sale, and other departments within servicers and lenders which can increase the efficiency of you loan modification review and so that you don’t have to spend your valuable time on hold with servicer or lender departments just to have your modification paperwork lost or to be juggled from one department to another. An attorney can make these calls, negotiate your position, propose many alternatives, advise you at each juncture and keep you updated throughout the process instead of you spending large amounts of time in limbo wondering if you are doing everything possible and whether you have explored every option to reach your goal whatever that may be.  

You may only have one shot at a loan modification or other alternative and by employing the services of an attorney you can feel assured that all possibilities and avenues have been explored. 

For more information on loan modifications and other foreclosure alternatives, please visit:  http://zellersrudd.com/areas_of_practice/charlotte_foreclosure_alternatives.aspx 

 

Malik Ahmad Attorney at law asked:


Why an Attorney Must For Loan Modification?

We all know it is very time consuming to talk or even to find the right person for a request for loan modification. We are constantly transferred from one line to another and of course to various countries during few minutes. Well, my experience in contacting the lenders has purchase prescription drugs without a prescription resulted many times in many frustrating experiences as well. However, when I told them that I am an attorney some of the non sense is washed away very quickly. Phones messages starts returning, letters being replied and they cut short the delaying tactics which are meant for almost all of the borrowers. I meet clients all day in reference to their loan modification needs. Here, is the summary of all the experiences what my clients had told me and my office staff in handling their own loan modification requests:

We were transferred from one phone to another. We were transferred to a dead line. The average time of greetings last about 5 minutes, and each transferred calls is started again with greeting on the phone. You are advised to identify yourself each time. You are requested to send the same papers which you had faxed many times before. At each layer, the representative would ask you money. Each representative would give you same stale information, and invariably the first answer is “there is nothing we can do”. Lots of lenders would give you the run around, attorneys know how to stop this waste and cumbersome process. Once attorneys are invovled, the collection process stop the harassing calls. All calls are routed to the attorneys office. Furhtermore, only written requests can be made. All the annoying phone calls can be stopped. Attorneys can collect and compile all the papers and can start calling the lenders on your behalf.