Why You Need An Attorney To Handle Your Loan Modification

Congresswoman Maxine Waters states that the average American will not be able to handle a loan modification themselves. She is right. Homeowners should have an attorney for this process.

At the very least, the attorney will be able to advise the homeowner about their legal rights. At best, the attorney may create leverage. It is not an easy system to navigate. Many non-attorneys are attempting to profit from the current crisis and are leaving homeowners in a lurch. Here is a video from ABC Nightline on the difficulties you may face with loan modifications.

Wouldn’t it be nice if the homeowners in this piece had a lawyer who could assert their defenses or possible counterclaims for them? Even a Congresswoman was not able to fight this in court, threaten counterclaims for predatory lending, banking law violations, TILA violations etc, or offer the alternative of Chapter 13 bankruptcy. Imagine what all the non-attorney loan mod scammers are doing out there. Nothing good.