Facing Foreclosure, Hire an Attorney?

This post was written by jd on February 20, 2009
Posted Under: Real Estate

The Golden Rule, He who has the gold Rules

The Golden Rule, He who has the gold Rules

Hiring an attorney is usually the last thing I tell a client to do. It’s expensive and normally you can work things out with the party in question if both sides are willing to talk and negotiate.

However, the more I hear from friends and clients, it seems that the only way to get a bank or mortgage company to listen to you is to hire an attorney.

I just heard two more stories of people approaching their bank and was told, you’re making the payments, we don’t want to talk to you until you quit making your payments. In another case, the person tried for two months to modify their loan and finally gave up.

However, the person then hired an attorney and the bank immediately started modifying the loan. I don’t get it, why force a home owner who is under stress to spend an additional $1,500 to $5,000 to get their attention. 

In spite of article I recently read, the banks are not cooperating. The article went on to say that a client hired an attorney to represent them and the bank insisted on having a three way conversation with the bank, the client and the attorney. The bank said there was no need for legal representation; they would do all the work for free. Right, maybe you just need to hit the banks over the head to get their attention. 

Reader Comments

This is such a confusing time for homeowners… It is so sad that there is not a standard banks are held to, to help people. Being treated unfairly by banks is horrifying.

I think keeping a positive attitude is key in this economy. Knowing how hard that can be, it really is the only way to deal with it. There is always a solution and always an answer, sometimes you just have to wait for it and sometimes it may not be what we want, but it is what must be…

Written By Cindy on February 20th, 2009 @ 3:11 PM