Status: U Return-Path: Received: from mx-dipper.atl.sa.earthlink.net ([127.0.0.1]) by mx-dipper.atl.sa.earthlink.net (EarthLink SMTP Server) with SMTP id 1lOkzJW93Nl36u0; Mon, 30 Mar 2009 12:43:03 -0400 (EDT) Received: from wsmarth-ovenbird.pas.sa.earthlink.net ([207.217.120.247]) by mx-dipper.atl.sa.earthlink.net (EarthLink SMTP Server) with ESMTP id 1lOkzJ44o3Nl36u0 for ; Mon, 30 Mar 2009 12:43:03 -0400 (EDT) Received: from domrl-brush.atl.sa.earthlink.net ([207.69.231.198]) by wsmarth-ovenbird.pas.sa.earthlink.net with smtp (Exim 3.36 #4) id 1LoKZb-0002mM-00 for merileek@earthlink.net; Mon, 30 Mar 2009 09:42:55 -0700 X-ELNK-Loop: merileek@kerncommunications.com Received: from dukecmmtar03.coxmail.com ([68.99.120.44]) by domrl-brush.atl.sa.earthlink.net (EarthLink SMTP Server) with ESMTP id 1lOkzz7rb3Nl5vE0 for ; Mon, 30 Mar 2009 12:42:53 -0400 (EDT) Received: from merilee07cf8a9 ([68.15.13.44]) by dukecmmtar03.coxmail.com (InterMail vM.7.05.02.00 201-2174-114-20060621) with SMTP id <20090330163436.NGTM9891.dukecmmtar03.coxmail.com@merilee07cf8a9>; Mon, 30 Mar 2009 12:34:36 -0400 Message-ID: <0234104A48634856BA00951730133055@merilee07cf8a9> Reply-To: "Merilee:::Kern Communications" From: "Merilee:::Kern Communications" To: "Jeff Isaac" , , Subject: Credit.com Placement Date: Mon, 30 Mar 2009 09:42:05 -0700 MIME-Version: 1.0 Content-Type: multipart/related; type="multipart/alternative"; boundary="----=_NextPart_000_00C2_01C9B11B.C90E9820" X-Priority: 3 X-MSMail-Priority: Normal X-Mailer: Microsoft Outlook Express 6.00.2900.5512 X-MimeOLE: Produced By Microsoft MimeOLE V6.00.2900.5579 X-ELNK-AV: 0 X-ELNK-Info: sbv=0; sbrc=.0; sbf=00; sbw=010; This is a multi-part message in MIME format. ------=_NextPart_000_00C2_01C9B11B.C90E9820 Content-Type: multipart/alternative; boundary="----=_NextPart_001_00C3_01C9B11B.C90E9820" ------=_NextPart_001_00C3_01C9B11B.C90E9820 Content-Type: text/plain; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable http://www.credit.com/news/experts/2009-03-27/dangers-lurk-in-loan-modifi= cation-programs.html Dangers lurk in loan modification programs 03.27.09 By Gerri Detweiler The mortgage loan delinquency (ratio of borrowers 60 or more days past = due) increased for the eighth straight quarter, hitting a national = average high of 4.58 percent for the fourth quarter of 2008, according = to TransUnion.com.=20 As consumers fall behind on their home loans, they may attempt to = negotiate with their lenders to modify their loans. But doing so without = legal help can be risky, warns money management expert Jeff Isaac of The = Lawyer in Blue Jeans Group. "Mortgages are complex legal agreements and, = essentially, binding long-term contracts," he says, adding that = "attorneys have the specialized skill and expertise required to = negotiate the best possible terms for the client." Isaac offers several reasons why attorneys are better equipped to help = consumers than loan modification programs offered by other = practitioners: =20 =20 a.. Lenders may be more responsive and cooperative if they know a = borrower has legal representation. In fact, loan modification requests = submitted by attorneys often receive priority attention from lenders at = the senior level, curtailing the often-frustrating rounds of phone calls = consumers usually face when trying to request a loan modification = themselves.=20 a.. Attorneys with experience in loan modifications understand the = technicalities and regulations involved in loan modifications, as well = as homeowners' legal rights. Consumer protection laws such as the Truth = in Lending Act (TILA) and the Real Estate Settlement Procedures Act = (RESPA) may offer homeowners additional "leverage" with lenders who have = engaged in fraudulent or predatory lending practices. =20 a.. Home loans are contracts, and as such should be renegotiated by = attorneys who understand these legal instruments. =20 a.. When working with an attorney, homeowners are protected by = attorney-client privilege. Without that protection, a client who winds = up in court could find all of the documentation he or she provided to a = non-attorney loan negotiator available to the other party as part of the = legal process.=20 According to Isaac, consumers who are concerned that they can't afford = an attorney should know it generally does not more to hire an attorney, = and the outcome may be better for the consumers who have hired a lawyer. = He warns that some loan modification firms claim to be "attorney-backed" = or "attorney-based" but are not law firms. Instead they may have = attorneys available only on a consultation basis, which may be = misleading at best. The Lawyer in Blue Jeans Group offers free seminars = on loan modification. Information is available at their website: = www.lawyerinbluejeans.com ------=_NextPart_001_00C3_01C9B11B.C90E9820 Content-Type: text/html; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable
http://www.credit.com/news/experts/2009-03-= 27/dangers-lurk-in-loan-modification-programs.html
 

Dangers lurk in loan modification = programs

03.27.09
By Gerri=20 Detweiler

The = mortgage loan=20 delinquency (ratio of borrowers 60 or more days past due) increased for = the=20 eighth straight quarter, hitting a national average high of 4.58 percent = for the=20 fourth quarter of 2008, according to TransUnion.com.

As = consumers fall=20 behind on their home loans, they may attempt = to=20 negotiate with their lenders to modify their loans. But doing so without = legal=20 help can be risky, warns money management expert Jeff Isaac of The = Lawyer in Blue=20 Jeans Group. "Mortgages are complex legal agreements and,=20 essentially, binding long-term contracts," he says, adding that = "attorneys have=20 the specialized skill and expertise required to negotiate the best = possible=20 terms for the client."

Isaac offers several reasons why attorneys = are=20 better equipped to help consumers than loan modification programs = offered by=20 other practitioners:  
 
  • Lenders may be more responsive and cooperative if they = know a=20 borrower has legal representation. In fact, loan modification requests = submitted by attorneys often receive priority attention from lenders = at the=20 senior level, curtailing the often-frustrating rounds of phone calls = consumers=20 usually face when trying to request a loan modification themselves.=20
  • Attorneys with = experience=20 in loan modifications understand the technicalities and regulations = involved=20 in loan modifications, as well as homeowners=92 legal rights. Consumer = protection laws such as the Truth in Lending Act (TILA) and the Real = Estate=20 Settlement Procedures Act (RESPA) may = offer=20 homeowners additional =93leverage=94 with lenders who have engaged in = fraudulent=20 or predatory lending practices. 
  •  Home = loans are=20 contracts, and as such should be renegotiated by attorneys who = understand=20 these legal instruments. 
  •  When = working with an=20 attorney, homeowners are protected by attorney-client privilege. = Without that=20 protection, a client who winds up in court could find all of the = documentation=20 he or she provided to a non-attorney loan negotiator available to the = other=20 party as part of the legal process.

According to Isaac, = consumers who=20 are concerned that they can=92t afford an attorney should know it = generally does=20 not more to hire an attorney, and the outcome may be=20 better for the consumers who have hired a lawyer. He warns that some = loan=20 modification firms claim to be =93attorney-backed=94 or = =93attorney-based=94 but are not=20 law firms. Instead they may have attorneys = available=20 only on a consultation basis, which may be = misleading=20 at best. The Lawyer in Blue Jeans Group offers free seminars on loan=20 modification. Information is available at their website:=20 www.lawyerinbluejeans.com
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