Job losses, unstable sub-prime loans, and a generally slow economy have contributed to an unprecedented rise in mortgage defaults throughout California. And as more and more people face the risk of foreclosure, more and more are turning to loan modification: an agreement between lender and borrower to change the terms of the mortgage to help the latter stay in the home. With government support, loan modification has helped over half a million homeowners get back on track. But will it work for you? It largely depends on how much your California loan modification attorney can help. While there are lots of firms to choose from, it pays to shop around and find a loan modification attorney California who fits your requirements. Before signing any deals, here are five questions you should ask your California loan modification attorney. What are your methods? Just as each homeowner's situation is different, each loan modification attorney California has his own way of solving the problem. At the very least, make sure he or she has a game plan in mind, and studies your case before doing so. Otherwise, there's a lot of guesswork involved, and you don't want to take that risk when your home is at stake. How much do you charge? Loan modification fees can vary from a few hundred to several thousand dollars. Ask your California loan modification attorney exactly how much the process will cost from start to finish, with no hidden fees. Don't agree to pay anything up front; if they ask for part or all of the fee at the outset, it's most likely a scam. How much experience do you have? Many loan modification firms sprung up barely two years ago, just as the foreclosure boom was starting. Most of them, unfortunately, are just taking advantage of the demand. Make sure your loan modification attorney California has been in the field long enough to know how it works. Ask for references and call up previous clients for firsthand feedback. What's your expertise? While loan modification generally works the same way, each California loan modification attorney has his own strong points. Some may have more connections with the big banks, while others specialize in smaller sub-prime lenders. Choose a loan modification attorney California who has worked with people in similar situations as you. Do you have a backup plan? Sometimes, loan modification simply doesn't work--some people don't agree with the bank's offer and some are just too deep in debt. Your California loan modification attorney should give you alternatives in case your request doesn't get approved, or at least refer you to other parties who can help.
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