Legal Question in Real Estate Law in California

Need a good attorney for loan modification

My NOD is recorded on 9/3. I am looking for an attorney to negotiate with my lender to get a low, low rate so that I can keep the house.

I have tried myself but they are abusing so much, such as: requesting me to sign a note of $200K for them to approve short sell, then I ask for a modification, they came up with 4% for 5years, but I will have to pay in full the loan of 500K in 2014.

I am looking for a 2% I/O for at least 5years.

I appreciate very much your help.


Asked on 9/24/09, 12:44 am

2 Answers from Attorneys
George Shers Law Offices of Georges H. Shers

Be very careful in selecting someone to hire. There is a lot of fraud among loan modification organizations; several attorneys are finally beilng punished by the State Bar for their improper actions. Do not automatically go with the one who promises you the best deal as any estimate of how much of a reduction will occur is a guess.

If you find some good attorneys I would like to know personally as several friends have asked me for names [I will then check those names out].

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Answered on 9/24/09, 10:54 am
Bryan Whipple Bryan R. R. Whipple, Attorney at Law

I'd say 2% interest only for five years is an unrrealistic expectation, and if you hold out for something in this ballpark, your lender will just go ahead with the foreclosure, especially since resale values have begun to recover in many communities and owning the property doesn't look like such a bad deal to the lender any more.

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Answered on 9/24/09, 2:19 pm


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