Lawyers and Loan Modification
Author: John Gunter
There is an unending stream of articles popping up advising troubled homeowners to avoid third party modification service companies. These articles invariably advise modification clients to only consider "lawyers" or "attorney based" companies for loan modification services. How valid is this advice? A brief bit of research on the web returns some interesting results.
An article found on articlesbase.com quotes attorney James Parsa of the National loan Modification Center. Mr. Parsa is identified as an expert in loan modification. He indicates that the only real choice is a law firm. Mr. Parsa casts doubt on "Loan Modification Specialists" and categorizes them as "fly-by-night" operations. Mr. Parsa is clearly (being a lawyer) serving his own purposes by casting doubt upon third party service providers. Now comes the interesting part. Go to complaintsboard.com and type in Mr. Parsa's name, or do an advanced search in GOOGLE and keyword "scam" and "complaints" and see what comes up. I assure you that you will not see this "lawyer based" company as the paragon of virtue.
Another article, found on articlesbase.com and written by Bill Baskin, takes third party service providers to task.
"Consumers who are facing foreclosure have become prime targets for former or current mortgage brokers, and other "loss mitigation" or "loan modification" companies. You should think twice before sending your money and signing a contract with any company that does not allow you to actually retain an attorney to negotiate on your behalf."
Mr. Baskin further states, "Unless you retain an Attorney or a federally licensed HUD counselor, beware you may be getting scammed out of the last of your hard earned dollars."
As evidence of this Mr. Baskin references, "California Real Estate Attorney Marc Bonanni of Consumer Debt Advocate, a law firm specializing in just such Home loan modifications and loss mitigation in all 50 States."
Mr. Bonanni is quoted, "Unfortunately, many of our clients have been through the ringer with these non-attorney loan modification companies who wind up doing nothing for them and who make matters worse as they cannot afford the client any legal protection. By the time they get to us, it may be too late to save their home and they are out thousands of dollars and critical time that were wasted in a poorly handled attempt to modify their loan by non-attorneys who are dispensing legal advice."
Wow. Sounds pretty scary. But wait a minute. Let's GOOGLE Mr. Marc Bonanni; the lawyer who is watching out for the American homeowner's best interests. What we find is Mr. Bonanni was lead counsel to the now defunct and "attorney based" company Apply 2 Save. Just GOOGLE it and see if this attorney and his former "attorney based" company gives you warm fuzzies. As a side note, Apply 2 Save is currently under investigation and accused of hundreds of counts of the very practices Mr. Bonanni disparages. Never was the phrase, "Those who live in glass houses should not throw stones" more appropriate.
So is it really in the troubled homeowner's best interest to take the advice of an article writer as to who is most qualified to handle a loan modification? Perhaps we should consider the qualifications of the article's author. Should this person be giving advice on loan modification and should you be taking it? Lawyers are not the end all for loan modification. I would submit that there are many third party service providers out there that are MORE qualified than your average lawyer to help in the loan modification process. The key is to
do your research and pick the company, lawyer based or not, that best suits you and your specific mortgage or financial situation. Originally Written: July 8, 2009About the Author:
Written by: John GunterWeb site: http://www.pmcloanmodification.com
Door To Door Loans : Cash To Your Door No Debit Card Loans: Grab Funds Without Debit Card Instant Payday Loans: Smarter Way To Grab Funds Loan Modification Business Help, Loan Modification Leads Online Transaction And Payday Loans Cash Loans To Your Door: Hassle-free Money Option To Your Door Short Term Unsecured Loans-avail Feasible And Flexible Financial Support Finding The Best Commercial Loans In California Bad Credit Unsecured Personal Loans -no Impact Of Your Credit Score Cash Advance Loans: Great Monetary Support In Pressing Conditions Quick Loans Quick Personal Cash Unsecured Personal Loan: The Best Way To Meet Your Urgent Needs Now! How To Improve Your Chances Of Getting A 100 Mortgage