Why Licensed attorneys are better for Loan Modification?
Malik Ahamd, Attorney at Law
Loan modification should only be handled by a local attorney. It should not be considered handling by some former loan officers, real estate agents and especially from folk from California. Truthfully, most of the foreclosure, ARMS interest mess has been created from and originated from California. I still get innumerable phone call, and solicitations in mail from California. Every day some new scammer is born who is trying to eat up the distressed home owners once more.
Non Attorneys Cannot Practice Laws. State Bar of Nevada is very strict in enforcing non attorneys practicing laws. Most of the foreclosures are the result of some predatory lending practices, including a violation of RESP and TILA laws and only a licensed attorney qualified in this regard can help and render legal services.
A loan modification is not guaranteed in every case and that is true with licensed attorneys as well. But once attorneys are involved, the things get accelerated, phone calls are answered, and letters are acknowledged. Again, an attorney who is well versed can better advice if a filing of Chapter 7 or Chapter 13 is better suited to help the distressed homeowners.
Sometime a short sale, or a loan workout program or a forebearance is appropriate in different circumstances. An attorney in this field has a wealth of knowledge and can appropriately guide his clients.
Others may be better off discussing short sales.
There are legal defenses to a foreclosure sale.
Yes, there are legal defenses to a foreclosure sale and they include a proper history of all of your loan payments, PMI which stopped your proper rendition of loan payments and created an extra burden on borrowers. There are severe violations mentioned in RESPA and TILA, and your out of state or even in state former loan officers or real estate people cannot answer those questions. I am contacted everyday by these folks and they request me to take over. It is sometime difficult to rectify their fatal mistakes.
I am getting more and more calls from homeowners who hired companies in California and then found themselves stranded after they paid a fee and cannot get anyone on the phone. It seems that there is rampant unlicensed practice of law going on now in the loan modification area in Nevada and California. Practicing law in Nevada is a violation of the rules of State Bar of Nevada, and the Bar association pursues these cases very diligently, but they can’t do much to stop the harm already done to the borrowers and homeowners.