This is the number one question we get everyday. Do I need to hire an attorney to do a loan modification? The answer is NO. You do not need to hire an attorney to do a loan modification. You can absolutely do it yourself. You can contact the bank and begin the process yourself. Many of the banks now have an automated recording when you call warning homeowners that they do not need to pay someone to do a loan modification for them.
However, I will be tell you that over 50% of our clients have tried to get a loan modification on their own and have been unsuccessful at doing so. The process can be overwhelming and daunting. The banks can be frustrating. Understanding the process of loan modifications and how the banks and laws work together is important, but you can definitely apply for a loan modification without an attorney.
If you are going to hire someone to handle your loan modification, in New York state if they charge you an upfront fee, they must be an attorney licensed to practice in New York or a mortgage broker licensed in New York. Make sure that you do your research and hire someone who can help you meet your goals.
As a newbie, I am always searching online for articles that can help me.
Thank you for sharing this !
What are usually the costs to modify a home loan?
I live in CA and my bank is Union Bank and they will not help at all with any Loan Modification. Is there anybody in CA I can talk to because this is not right.
I don’t know where you are in California and I know that there are new laws regarding attorneys helping with modifications. However, you should contact Jonathan Stein He is very knowledgeable in this area in California and he may be able to point you in the right direction. Hope that helps.