16 Unscrupulous Loan Modification Attorneys revealed

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CAR just released the names of 16 attorneys who were collecting fees for loan mods and doing nothing in return. If you know of any attorney's who are splitting fees with real estate agents on loan modifications, realize they are committing a crime. Attornies are not allowed to split their fees with non-attornies.

Hopefully you are not working with any unscrupulous lawyers or agents.

As I’ve been saying, you don’t need to hire anyone to help you complete a loan mod. Send the bank the required info. I've confirmed this with SVP's at banks and they say the same thing. Right now loan mods are based on a business decision. Does the Net Present Value on the new modified loan exceed what the bank would get in a foreclosure.

You don't have to calculate the NPV (net present value), the bank does this, however if you are financially savvy, ask me for my free loan mod spreadsheet. Work the numbers to see if you can make a business case to support your loan modification.

good luck.

-sunil

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LOAN MODIFICATION ATTORNEYS UNDER INVESTIGATION

The State Bar of California has recently launched numerous investigations against attorneys for misconduct related to loan modifications. In a rare move, the State Bar has released the names of 16 attorneys under investigation, by opting to waive investigation confidentiality in favor of public protection. These attorneys have allegedly taken fees for promised services, but failed to perform those services or even communicate with their clients who face the possible loss of their homes. Their non-attorney staff may also be under investigation for unlawfully practicing law.

Not all attorneys engaged in loan modifications are unscrupulous. However, this announcement from the State Bar serves as a good reminder for REALTORS® and their clients to be careful when dealing with attorneys and others for loan modifications. Scam artists may intentionally associate or affiliate themselves with attorneys in an attempt to lend credence to their fraudulent schemes. The list of attorneys currently under investigation is available at http://calbar.ca.gov/state/calbar/calbar_generic.jsp?cid=10144&n=96395.

-sunil
SMA REALTY

Sunil Sethi / Associate Broker, REALTOR, MBA, CPA / SMA Realty
38350 Fremont Blvd. #202 / Fremont, CA 94536
Office 510 793 8600

Personal: http://www.sunilsethi.com

blog: http://fremontrealestate.blogspot.com/

LinkedIn: http://www.linkedin.com/in/fremontrealtor

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