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?