Tuesday, August 11, 2009

Loan modifications - can you do it on your own?

The simple answer is yes - but you must be persistent and organized. Under the Obama plan you should be able to do most of the work yourself. There's a big "however" though. It's been my experience that the larger players (B of A (and legacy Countrywide), Wells Fargo (and legacy Wachovia), Aurora, American Home Mortgage Servicing as well as a slew of others) have been consistently dragging their feet. They play games which usually revolve around not being able to find the information you've sent in multiple times via email and fax. Then when they do finally find it, they don't have updated information, which essentially requires you to start over again, waiting a week or more for them to be able to figure out if the fax came in and was flagged to your account.

All the while, you are falling further behind and foreclosure is coming closer and closer. If this has been your experience, it may be time to contact an attorney who handles loan modifications and foreclosure prevention.

My firm, South Bay Law Group, P.C. handles loan modifications and foreclosure prevention matters in California. We also have referral attorneys in Nevada, Pennsylvania, New Jersey and Delaware. Our phone number is 310-780-8275 and our website is www.sbaylaw.com.

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