Are you sick of the Lawyers doing Loan Mods yet?? What's your opinion

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Education & Training with Real Estate Expert Witness Support

I continue to hear ads for lawyers who are going to stop your foreclosure and somehow, for a nice fee,  get you a loan Mod.  Frankly,  I don't think so.  My partner and I have been offering this service for FREE.  And,  after many interviews with people who are upside down or behind on their payment,  we find that most do not qualify for a loan mod. 

The latest scheme I heard earlier this week.  This lawyers twist was that he charges $1250 upfront and gets the clients to agree to pay him 2-3% of any reduction in their loan he can get them.  I also heard that he is working with an agent to do a short sale, if they don't qualify.  I am sure the lawyer isn't doing it for free, so is the agent illegally kicking back commissions to him?  I wonder.

I heard another one this week.  Lawyer charges $3000 for a loan mod.  If you can't qualify, they will credit back all but $1250.  This is scandalous.  When we interview someone,  we know within minutes whether they have a good or no chance to get a new loan mod from the lenders...... especialy if there is a second behind the first.

I would love to testify as an expert witness in one of these cases,  where they go after the lawyer.  What do you think?

 

 

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Guy Berry

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Comments (1)

Richard Weeks
Dallas, TX
REALTOR®, Broker

Guy,

They wonder why their profession has such a bad stigma?  Very sad for desperate people trying to keep their homes.

May 14, 2009 12:45 AM