Law Offices of ALG and Associates ? Loan Modification??
Article by Professional Law Firm
The Law Offices of ALG and Associates ? Loan Modification
How Do I Choose the Right Law Firm for a Loan Modification?
The Law Offices of ALG and Associates is a Professional Law Firm ? legal experts in Real Estate Law, offering Legal Representation of Non-Advanced Fee Loan Modifications, Commercial Workouts, Litigation, Short Sales, Bankruptcy, and Debt Settlement.
Many property owners realize they are in an unsustainable financial position and need a loan modification on their primary residence, second home or income property?s mortgage to retain ownership of the property. Many have heard the horror story of paying thousands of dollars to a ?loan modification company? before any work has started and have never heard from the company again. So, how do property owners choose the right firm to represent you?
Questions to Ask
First, is the firm legitimate? A law firm that specializes in Real Estate Law is your best option. Are they in good standing with the state bar? Do they have any complaints or disciplinary actions against them? If there was a complaint, how was it resolved?
Does the law firm comply with all state and federal laws pertaining to loan modifications? Your first clue will be how the firm collects monies for its services. If they ask for any monies before some of the work has been completed, it is unlawful.
Second, can the firm provide strong experience and examples of successful cases they have completed? How many cases have they completed? How long have they been in business?
Third, does the firm have the resources to complete the job in a timely manner? Loan Modification cases typically take about 3 to 6 months to reach a settlement and require significant back and forth between the bank and the law firm. Do they have the critical mass of staffing to be able handle the case volume, negotiation and customer service requirements? Typically each case requires negotiators, processors, underwriters and case managers, in addition to the Attorney, to successfully achieve a modification for the property owner.
Fourth, does the firm set appropriate expectations? This depends ultimately on what is success for the property owner. There are many factors in what makes a case successful to a client and a reputable firm will set appropriate expectation on what can be reasonably achieved in a loan modification case rather than tell you what you want to hear to get your business. Whenever possible, it is recommended that the property owner meet with the prospective firm in person prior to retaining them.
Often, property owners will request a money-back guarantee for a successful modification. If the firm the property owner is considering offers a money-back guarantee, this should be a major cause for concern. The firm will act as the property owner?s representative or agent in a negotiation with the lender. The lender itself or a third party, called the investor, may own the mortgage. The party that owns the mortgage will makes the final decision on what new mortgage terms they will accept, if
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