Monday, July 16, 2012

Questions To Ask When Hiring A Loan Modification Attorney

When it comes down to it no lender follows the same process and each person’s situation is different from their neighbors. In any case, numerous people want to know what their options are and hiring an experienced loan modification attorney is their best bet. However, the majority of struggling homeowners don’t know what look for when hiring an attorney.
First thing you need to ask yourself: How do I know who to hire?
If you are seriously considering hiring an attorney with your loan modification, there is a handful of questions that you should be prepared to have answered while determining the “good” from the “bad”.
The following questions are meant to be a general guide to consumers about what to expect while looking to hire an attorney.
Before you tell a potential attorney anything about your financial situation, ask this question:  How do I know if you can help me?  
It is important to resist the temptation of venting to the first person who will listen to you.  Start of by asking “How do I knowif you can help me?” and let the potential attorney do the talking first.  Force the attorney to identify how he can help you.  Note what he looks
for in order to determining how he can be successful with your case, and what kind of results he’s had so far.  The more information you can get from this initial question before you explain your situation will give you a better idea if the attorney really knows what he is doing.
Do you have clients that you have helped get their loan modified that I can speak with?
Be sure to not only ask this question but also follow through and speak with references. Doing so will help you learn about the process and how the attorney was to work with.   You will be able to gather an overall impression of “was it worth it”?
How much do you charge for your services?
Take note that this is NOT the first question to ask.
While this may not be a good leading question it is something to take into consideration, but it is not the most important factor. The most important part to consider is whether or not the attorney can successfully modify your loan.
Asking “how much do you charge for your services?” won’t give you any idea if they can be successful with your loan modification, but more give you an idea of what to expect.
Can you tell me what to expect in my specific situation when working with my lender?
The answer to this question will allow you gather a better perspective of the attorney’s overall experience with home loan modifications.  If your potential attorney mentions that he has not worked with your specific lender before—it is a pretty clear indicator that the attorney does not have a lot of experience.
If you are currently delinquent or anticipate that you will be in the future hiring an attorney with your loan modification will save you a lot of time and stress.  Be sure to ask the previous questions, doing so will better position you to identify a “good” attorney from a “bad” one.  Choose wisely, you are investing in your future.