An ever-changing regulatory environment is challenging everyone from servicers to foreclosure attorneys and their clients creating demand for simple services that may go a long way in benefiting all parties involved in the mortgage chain.
Catering to that need FreeMortgageFix.com recently launched FREE DIY, a home loan modification website created to assist homeowners seeking legal assistance when considering a loan modification, foreclosure or red flags that indicate there is potential for future fraud.
FreeMortgageFix.com president Dave Galanter warns that just because a law firm states it has real estate credentials does not mean it has foreclosure defense or loan modification experience.
An immediate “too important” red flag can be the fact that it is new to the business, because that can mean opportunity for a “get rich quick” lawyer who is trying to break into the business “with some flashy ads.”
The best protection is research. Another red flag is bad Google reviews and the firm’s inability to address or explain them. “Always Google and if you find negative reviews” expect the firm to be open and able to address issues raised in those negative reviews.
Purposefully bad advice is the worst-case scenario and one such type of advice that is quite common is when an attorney recommends the homeowner to stop paying the mortgage even if they have some funds available. That bit of advice puts the borrower “in a different category of consideration with the government,” makes the modification or foreclosure process even more complex and also limits loss mitigation options for the lender-servicer.
The FreeMortgageFix.com self-education approach to legal representation includes “six questions everyone should know to ask” when talking to foreclosure lawyers.
There is a reason why the same as their counterparts in every industry attorneys are specialized. The laws, paperwork and process are so complicated these days, “those in trouble need to ensure they have someone who knows the industry inside and out.”
So it is useful and reassuring to know that the firm has other clients dealing with a similar situation.
Plus, they need be licensed in that state so they not only can negotiate and file the application, but also are capable to litigate “in the worst case scenario” that the case goes to court.
Unless specialized, many general lawyers who do not have the experience are not equipped to offer those services—and switching lawyers in the middle of a case is not only time consuming “but will completely break the bank.”
In addition, there is a cost element to consider. Even if the first lawyer would eventually be fired, fees are generally nonrefundable. Distressed borrowers are advised to inquire about payment plans, which are often offered by law firms directly or through a third party.
Establishing a point of contact is another important part of the process since according to FreeMortgageFix.com, “one of the most common reasons” why Home Affordable Modification Programs get delayed or are unsuccessful is “because their application file gets lost in the mix and people do not follow up.” It is well known that the process is long, requires multiple phone calls, meetings, and paperwork, so having an assigned representative is very important.
The FreeMortgageFix.com site helps users to understand the foreclosure process and what methodology is used to calculate and analyze the loan profile data.
In addition, online login options that help distressed homeowners review and monitor their file, upload documents and correspond the information can make it easier for servicers to expedite the HAMP loan modification process. So if the site does not enable that access automatically, it is up to the mortgage holder to keep a hard copy file, a call log of every person contacted, and every piece of paper relating to the borrower’s financial profile.
