1. Why should I hire an attorney to assist with my Loan Modification?
It is an unfortunate fact that in troubled times, unethical or unscrupulous individuals will attempt to take advantage of those who are struggling. One only need turn on the news or read the newspaper to know that the country is being flooded with literally hundreds of "loan modification companies", all who promise to lower your payments or stop foreclosures.
Some of these companies even advertise that they are "attorney backed" or "attorney directed." Unfortunately, many of these companies offer nothing more than hot air when it comes to really negotiating for you.
The reality is that they are often run by unlicensed individuals who are simply interested in collecting as much money as possible. In many instances, there is not an attorney involved at any point in the transaction. Moreover, attorneys who "rent" their licenses to such companies violate the California Rules of Professional Conduct.
It is vital that you understand who represents you. If you cannot speak to an attorney, chances are you should choose a different company. You need to ensure that you are being represented by the attorney or law firm.
Back to top.
2. Is it legal for a loan modification company to collect their money up front?
Simply stated: no. California Civil Code Section 2945 makes it illegal for a "foreclosure consultant" or real estate broker to collect money from you up front. They may only be paid when the loan is closed. Attorneys are excludedfrom this provision. California Civil Code Section 2945(b)(1).
Unless you hire a law firm or attorney, you should never pay any broker or loan modification company up front!
Back to top.
3. Why should I hire LMLC Inc. & Law Offices of Ted A. Greene, Inc?
The Law Offices of Ted A. Greene, Inc. is a true law firm. We are experienced litigators who know how to best negotiate with lenders.
The law firm employs all of the people who deal with you from the first phone call to the final signature. We do not "farm out" our work nor use persons who are not employed by the firm.
When you retain our services you can actually come to our office and meet in person. A lot of loan modification companies do not allow in person service. Do not use any company that will not meet with you in person should you request it.
Back to top.
4. How do your fees compare to other loan modification services available?
Our fees are similar to most loan modification companies; however, you are hiring lawyers, not a home based broker or unlicensed person who you never meet in person. Also, a majority our fees are refundable should we not be able to offer a service that fits your unique situation.
Back to top.
5. What is the process to start a loan modification with your firm?
First, you must call us at (916) 442-6404. You will speak with one of our staff who will schedule an in person or over the phone consultation - many times within a day or two of your first phone call.
Once we have been retained, we will schedule another appointment with one of our counselors who will then assist you in gathering all of the necessary data to process your documents with the lender.
If you have already received a Notice of Default, we can still assist you! However, in these cases, we will need to act FAST. Our professionals will immediately contact your lender in an attempt to stop the foreclosure process.
As soon as your information is complete, our staff will work on the legal aspects of negotiating with your lender directly. Because we are a law firm, we have access to the legal departments of your lender. We do not use the same channels of communication as would the homeowner or broker who is trying to process the loan modification. This usually allows a quicker response and better results.
Once we have negotiated with the lender, upon approval, we will present you with the lender's offer. We will explain and educate you on the details of your new loan terms and assist you in sending in the finalized documents to the lender.
Back to top.
6. How long does this process take?
While each situation is different, we generally advise that the entire process can take at least 90 days. This means it is extremely important that you contact our firm as soon as possible so that we may begin to process your loan modification for you.
Back to top.
7. Will a loan modification work for anyone?
Unfortunately, No. Our firm will discuss the particular facts of your loan modification with you, but it is essential that you understand that not everyone will be able to take advantage of our assistance. We cannot, nor will we, process any applications that we find to be fraudulent or without proof of income. It is essential to the integrity of our services that you are able to provide verification of all aspects of your application.
Back to top.
