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. Use the services of a professional loan modifier

what is a loan modifier

Posted by Rick, the Probate Guy on July 15, 2008 at 10:26 PM

In Reply to: Should I use the services of a professional loan modifier? posted by CC in OC on July 15, 2008 at 9:01 PM

I'm actually sympathetic to the plight of a qualified individual who provides a valuable service to a homeowner in foreclosure who is also concerned about being paid. After all, it doesn't take dealing with too many people in foreclosure to discover that we're not dealing with the most reliable and/or dependable propective people to do business with.

I see two big issues:

1) Difficulty in determine credentials of a 3rd party mitigator. I've never ran into a "professional loan modifier" during my entire career, however the title is intriguing. I'd be really concerned about the track record and what qualifies them to be called such a title (let alone be compensated)? Personally, I'd be worried that they may have been former website designers, stock daytraders, pretender lenders or recovering flippers. Got any good questions to ask to help qualify creditials?

2) In CA,

I'd say such a service, if provided by a non-attorney, -CPA, or other licensed true professional would be violating CC 1695 and other foreclosure consultant statutes, particularly if paid in advance. Don't see a way around that one for most Owner-occ transactions.

I wouldn't want to be fodder for the next bout of lawsuits for baby attorneys hatching out of the 2009 graduating class. (Also, it's not true that their venom is any stronger; they just can't control their biting habits)

Follow Ups:

  • As usual you just about hit the nail on the head. Tom 6:37 AM, 07/16/08 ( 2)
    • Re: As usual you just about hit the nail on the head. Rick, the Probate Guy 7:31 AM, 07/16/08 ( 1)
      • What makes a competent loan modifier? CC in OC 7:48 AM, 07/16/08 ( 0)
  • Why should loan modifiers be "credentialed?" CC in OC 11:30 PM, 07/15/08 ( 0)

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