We often talk to people who are interested in a loan modification and usually at some point, they ask the question:
Do I really need to get a lawyer involved with my loan modification?
My standard answer is “well, try to get your loan modified on your own with your current lender, but if they won’t modify your loan and you are in a situation where you can’t afford your mortgage, then it is probably time to hire a lawyer.
Last night, Paul from Kingsley Law left a comment on one of our loan modification posts about one thing that I wasn’t even aware of (remember, I am no loan modification expert):
Paul’s Comment:
Justin – great tips. Although a bit in self-interest (since I am a lawyer who helps clients with loan workouts), it should also be pointed out that having an attorney represent you will ensure that you are aware of other considerations when making the decision about loan modification, short sale or going into foreclosure. Particularly important in Arizona are the anti-deficiency statutes, but also important are considerations surrounding taxation on any forgiven debt amount in a foreclosure or short sale situation. Secondly, as you pointed out, a letter or call from an attorney to a lender’s loss mitigation department often perks up a few ears and can speed up the process.
While I don’t have experience myself with these quickie loan modification outfits, I expect that many of them are not equipped to advise homeowners on these issues – so homeowners should tread carefully, particularly if attorneys are not involved.
Great blog and I look forward to checking back for more updates. I will be covering some legal issues relating to loan modifications on my blog at http://www.desertlawblog.com from time to time.
Do you really need a lawyer when trying to get a loan modification done?
I guess it depends on how much you know about the ins and outs of loan modification and what can and can’t be done.
Learn How To Get Your Loan Modified On Your Own Without The Help Of An Attorney
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