Sylvia Jonathan - Short Sale & Foreclosure Resource

In my daily contacts with distressed homeowners who are in mortgage default I many times learn that they paid fees in the $ 3000 range to loan modification firms UPFRONT, without any guarantee of success. While there are law firms who work for their clients diligently and get results, there are hundreds who are on the bandwagon of easy money. Let's face it. If you could make $3000 no matter how much or how little effort you put forth, what is the incentive to be good at the negotiation process? Some attorneys will have a contract which has a tiered fee system where a portion of the upfront fees gets refunded if the loan modification is not successful. These firms will pre-qualify the borrower before taking on the case, and they will have an incentive to work hard to earn the entire fee. The best way homeowners in financial difficulty can protect themselves is to ask the following questions before parting with cash:

Do I qualify for a loan modification under the current programs? (not every borrower does) Making Home Affordable Program (HAMP)
What happens if the new loan terms the lender offers are higher than my current payments (not unusual)
Does the attorney have references from past clients?
Are there complaints filed against the attorney? Check with the CA State Bar!
What happens if my loan modification is denied?

Mortgage Squeezing You?

Mortgage defaults have surfaced in all types of loans. While a few years ago mostly a result of sub-prime mortgages, in the declining economy foreclosure has become a reality for prime borrowers as well. Everybody knows of somebody who may need help. Often a loan modification is not the best solution, or the new plan fails after a few months and the homeowner is behind again. The only way out sometimes is selling the home.

4 Most Common Mistakes made by Distressed Homeowners:

· # 1:Waiting too long to take action

· # 2:Not opening the mail

· # 3:Not consulting professionals for advice(attorney, tax preparer, Realtor)

· # 4:Assuming that selling the property is not possible if they're "under water"

Sylvia Jonathan will discuss and present options and solutions. There is no obligation and it's FREE, so call 714.856.7003 today!