Negotiation Foreclosure
Why Do I Need An Attorney To Handle My Modification Or Other Foreclosure Alternative?
There is no doubt that it is entirely possible for you to work on your own with the bank to come to a mutually amicable solution to your foreclosure problem, but you must also keep in mind that time is of the essence in dealing with loan modifications. While you are trying to deal with the lender or servicer precious time is slipping away.
Most lenders and servicers continue on with the foreclosure process while you negotiate a modification or other alternative. Your denial of a modification may not occur until the day before the foreclosure sale. And if you do receive a modification offer, the offer might be unfair or possibly contingent on you giving up important rights.
There are no hard and fast rules on what lenders and servicers are willing to do, so it would be very helpful to have a skilled attorney represent you and present your situation in the best light possible. An attorney can review your financial information and help you devise a strategy to reach your end goal whether it be to modify your loan to a fixed or lower rate, add back payments to the principal, temporarily reduce payments, or just to help give you enough time to sell your home or negotiate a short sale, deed in lieu, or other alternative.
An attorney can also review your loans and servicer/lenders’ actions to see if there are any violations of HOEPA, RESPA, Reg B, the Fair Debt Collections Act, the Fair Credit Reporting Act, acts regarding subprime loans, predatory lending acts or any of the other consumer/borrower protections found in North Carolina and/or Federal law. There are many rules and regulations out there that protect borrowers and consumers that you may be able to take advantage of.
Additionally, an attorney often has contacts in Loss Mitigation, Short Sale, and other departments within servicers and lenders which can increase the efficiency of you loan modification review and so that you don’t have to spend your valuable time on hold with servicer or lender departments just to have your modification paperwork lost or to be juggled from one department to another. An attorney can make these calls, negotiate your position, propose many alternatives, advise you at each juncture and keep you updated throughout the process instead of you spending large amounts of time in limbo wondering if you are doing everything possible and whether you have explored every option to reach your goal whatever that may be.
You may only have one shot at a loan modification or other alternative and by employing the services of an attorney you can feel assured that all possibilities and avenues have been explored.
For more information on loan modifications and other foreclosure alternatives, please visit: http://zellersrudd.com/areas_of_practice/charlotte_foreclosure_alternatives.aspx
About the Author
Prior to founding Zellers Rudd PLLC, Dan Zellers and Scott Rudd worked together in the real estate finance group of some of the top international law firms in the nation. They represented large national banks and servicers in multi-million dollar commercial property transactions as well as multi-billion dollar commercial loan securitizations. These transactions included the negotiation of large servicing contracts as well as conducting large commercial loan transactions, loan assumptions, defeasances, parcel releases, and other consent matters on large commercial properties located all across the nation.
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