OT: Mortgage Modification

[cm11599ps]

I'm currently going through a divorce. She left the house, took a few bucks and left me unable to pay for the mortgage myself. I couldn't make payments and ended up hiring an attorney for a loan modification. The house is underwater.

It's been going on for two years now. My lawyer just split from his partner and is in another office now. I met with him last week and he wants to charge me a few grand to resubmit my paperwork because I recently got turned down. He said he didn't have a credit card machine and he gave me an address to send a check. I googled the address and it's a private house, not the law firm. Sounds fishy to me.

Any advice on where to go and who to turn to at this point?

 

[Vinny Kreyling]

I think I would go to the mortgage holder.
I feel they would work with you rather than have a house on their books.
Worth a shot!

 

[lrasser]

I went through something a few back and was able to work it out. I did it directly through the bank myself. I have a friend that wasn't so lucky and needed a lawyer to do it but he was successful as well. If you need I can get you the lawyers information. Sorry buddy. I know your pain....

 

[cm11599ps]

I went through something a few back and was able to work it out. I did it directly through the bank myself. I have a friend that wasn't so lucky and needed a lawyer to do it but he was successful as well. If you need I can get you the lawyers information. Sorry buddy. I know your pain....

Thanks, I'll take some info!

 

[lrasser]

i"ll get it for you tom and pm it to you.

 

[jayblock]

I know some time has passed since the original post. When the housing market crashed i used to do loan modifications for clients. I dont think u should not pay an attorney thousands of dollars for such services. You can simply do it yourself by calling the bank and filling out the application on tour own. They want to determine your total debts and how much income Few things the loan mod department is looking for. 1 whether the value of the home is less than the payoff amount. If you have equity a loan mod is less likely. 2. The debt to income ratio. Is is not too high and not too low. Most importanly 3. That by modifying the loan you are now able to afford payments with the new debt to income ratio. Otherwise the loan modification is not going to achieve the goal of keeping ur home out of default in the future. Typically banks do not do loan mods until you are in default and sometimes after forclosure proceedings have started. Some of this has all changed from when i was working in the industry since then they now have the HARP program in place but Its designed for individuals that fall under the criteria i mentioned above. Hope my info is somewhat helpful. Good luck

 

[jayblock]

Typo... I meant to say you should not pay an attorney thousands for such services