Washington agents – if you need a resource for your clients who are losing their home, frustrated with an inability to modify or concerned that when the interest rates go back up, their ARM is going to send them into financial ruin, I now have a source of help you can recommend to them.
My journey has been one of seeking this solution as we found horribly predatory lending on loan documents, which we hadn’t even been looking for. The process of finding someone who 1) understood the loan documents 2) knew how to look at them for the myriad of federal law violations and 3) could advise and/or pursue a course of action with us legally has been an ongoing undertaking for over 2 years. I feel like Frodo slogging through Mordor, only it’s been an attorney devoid landscape, so the analogy doesn’t really fit.
The key to helping your clients is to putting the banks in a position where it is in their best interest to modify the loan. A homeowner on his own doesn’t stand a chance, and the lien holder not only gets the house back when it is foreclosed on, making it available to sell again, they also receive payoff from whatever insurance was carried on the loan. Why would they want to give a modification when it means they make less money? Don’t be daft!
To be effective at putting the homeowner in a more favorable negotiating position, he/she needs to have their loan documents looked at. If there are issues, they need to have the power of a knowledgeable attorney behind them to bring it to the attention of the banks, and all else failing, they need to be able to bring your action before the courts.
In WA, the stumbling block was the attorney. Don’t get me wrong, there are a lot of great attorneys in WA, but I had not found one skilled and willing to take this direction with the banks. I’m so glad to say I finally found one!
Send me an email diane at diane-guest(dot) com and I’ll be happy to connect you with them, and tell you what I know about their process!