.jpg)
Loan Modifications
charset="ISO-8859-1"
Dear John,
I have heard that most of these loan modification places are scams because
if a notice of default has been recorded against the property then it is
illegal for these non-attorney organizations to get advance fees.
http://www.dre.ca.gov/mlb_adv_fees.html
Here are the steps I would take if I were to take such a case.
I would check the creditors website to see what their guidelines are for
submitting a workout package. The website should also show the forms that
these lenders want.
Usually this includes:
This usually includes submitting a
1) hardship letter (describe in detail, the loss of income etc.)
2) financial workout (the debt/income ratio: most lenders prefer a workable
average of $250 surplus or deficit)
3) 2-3 months of the most recent bank statements from both the husband and
wife, and
4) 2-3 most recent paystubs/W2s.
If the debtor wants you to do it then you need the authority to act on the
clients behalf and then that should be faxed to the creditor.
I have not done this yet but this is what I would recommend. I look forward
to learning from others on this issue.
Sincerely,
David Jacob
This e-mail is from an Attorney and may contain information that is
privileged and/or confidential, including, without limitation,
attorney-client privileged communication(s) and/or confidential attorney
work product. If you are not the intended recipient, any dissemination,
distribution or copying is strictly prohibited. If you believe that you have
received this e-mail message in error, please e-mail the sender and delete
all copies
On 1/25/09 21:38, "J.L. Greifendorff" wrote:
>
>
>
> A client approached me about loan mods, seeking some information. I haven't
> had the issue come up in my practice so I haven't done any.
>
> I'd like to get an idea of how this is working just now. What experience are
> folks having? What do you charge a client for handling a loan mod?
>
> Feel free to email me off list if you like.
>
> Thank you.
>
>
> John L. Greifendorff
> Attorney at Law
>
> 645 West 9th Street
> #110-126
> Los Angeles, CA 90015
> 714-586-9344
> 213-220-0306
>>>
>>>
>
>
>
>
charset="ISO-8859-1"
Re: [cdcbaa] Loan Modifications
Dear John,
I have heard that most of these loan modification places are scams because if a notice of default has been recorded against the property then it is illegal for these non-attorney organizations to get advance fees.
The post was migrated from Yahoo.