When it comes to loan modifications and saving your home from foreclosure, the lenders would prefer you do not hire an attorney…

THE LENDERS / LOAN SERVICERS ARE NOT YOUR FRIENDS WHEN IT COMES TO LOAN MODIFICATIONS – HATE TO BREAK THE BAD NEWS TO YOU.

TOP TEN REASONS TO HIRE AN ATTORNEY TO HANDLE YOUR LOAN MODIFICATION IN ARIZONA

(1) First of all, you should know the lenders / loan servicers have a whole team of lawyers working on their side.  This means the deck is stacked against you.  They would prefer you take them at their word for everything they say rather than to challenge them or assert any rights you may have.

(2)  Lenders / Servicers like to play little games (ex. we lost your documents you need to resubmit,  you don’t qualify for anything under the Obama program, the trial plan modification did not mean anything, etc.).  Attorneys can hold their feet to the fire and document the nonsense they are trying to get you to believe.

(3) Even if you qualify for a loan modification under the Obama program, or some other loan modification program (ex. the FHA or MAP program), there is still no guarantee these guys are going to get it right.  Remember, in some cases these lenders will hire people off the street with literally no training or background in loan modifications and very little training.   These are the gatekeepers who decide whether or not you get a modification?

(4) For borrowers that are not making any payments, the lenders want you to start making some type of payment. To do this, they will generate a “trial plan modification offer” that they may or may not have any real intent on providing you a permanent modification.  Foreclosure defense attorneys can call “nonsense, fraud, bad faith breach of contracts, etc., and can actually review these trial plan agreements that the lender probably does not want you to have review by a foreclosure defense lawyer.

(5) The lender does not want you to send in a qualified written request (QWR) challenging the adjustment of your interest rate, demanding proof of the index used and date of adjustment, and otherwise challenging their late fees, add-on fees, attorney fees, etc.  They would rather just have you keep you mouth shut, fall in line, and not have the audacity to challenge their “behind closed doors” billing and servicing practices.  This does nothing but create more work for them and demand that they prove to you that they are not cheating you.

(6) The lender / loan servicer does not want you to ask who the holder of the loan obligation is (a federal right every homeowner has).   They do not want you to know whom you actually owe your mortgage debt to (i.e. the wall street investor) because this is a big secret since the loan was securitized.    They do not want a foreclosure attorney to review their assertions against the chain of title and find potential discrepancies that may call into question the legitimacy and legality of the notice of default, notice of sale, and ultimately the foreclosure sale itself.  They would much rather prefer that you were ignorant and left in the dark on these issues for the only important issue to them is “where is the money.”

(7) Lenders and loan servicers (and wall street investors) as assignee of the loan, do not want any foreclosure defense law firm investigating truth in lending (TILA) three year extended rescission rights.  That does nothing but create a stink for them and may potentially result in one or all of the parties being forced to write YOU a check.  Again, they have lawyers on their side but do not want you represented by a predatory lending lawyer.

(8) The lenders and loan servicers do not want you setting up a case for potential lawsuit or temporary restraining order.  They created the rules after all (through their powerful lobbies) and they do not want you holding them to the few rules that they actually have to comply with.  They do not want you to identify, assert or stand up for any of your legal rights.  In fact, if you asked them, they would tell you the only legal issue involved is THEIR LEGAL RIGHT to demand payments from you.

(9) The Lenders and Loan servicers do not want you to send in Debt Validation Letters challenging their legal right to collect on a debt.  Again, causes more paperwork and just may hold them accountable in some instances.

(10)               The lenders do not want you to be properly advised as to deficiency judgments, or bankruptcy protections, or foreclosure requirements of a private trustee sale, or tenants rights following eviction.  Again, this just creates headaches for them in complying with laws that they truly feel are nothing more than a nuisance and a delay tactic.  We strongly disagree.

MORAL OF THE STORY IS THE LENDER IS NOT YOUR FRIEND.  YOU HAVE THE LEGAL RIGHT TO RETAIN A FORECLOSURE DEFENSE LAW FIRM OR A LOAN MODIFICATION ATTORNEY TO ASSIST YOU IN ASSURING THAT YOUR LEGAL RIGHTS ARE PROTECTED AND TO MAXIMIZE YOUR POTENTIAL TO GET A MEANINGFUL LOAN MODIFICATION AND TO OTHERWISE HAVE YOUR RIGHTS PROTECTED IN THIS RATHER COMPLEX TRANSACTION YOU ARE DEALING WITH.   LET ME ASK YOU THIS, WILL A HUD COUNSELOR OR NON-PROFIT AGENCY DO ANY OF THE ABOVE TASKS ON YOUR BEHALF?  ARE THEY LEGALLY PERMITTED TO PROVIDE LEGAL ADVICE?  DON’T BE FOOLED BY THE RHETORIC OF THE BANKS AND LENDERS OR THEIR COMMERCIALS THAT PAINT THEM AS FRIENDLY NEIGHBORHOOD LENDERS.  IN MY OPINION, THEY DO NOT CARE ABOUT YOU, YOUR HOME, OR YOUR MODIFICATION, BUT ONLY THEIR BOTTOM LINE.  IF SOMEONE HAS EVIDENCE TO THE CONTRARY I WOULD LOVE TO SEE IT.

Steve Vondran practices foreclosure defense and bankruptcy (chapter 7) law in Phoenix Arizona.  If you are facing foreclosure please contact us to discuss your options.  Toll Fee (877) 276-5084.  Or, email us at steve@vondranlaw.com

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