questions & answers

Question: I have recently reviewed our finances and determined that we can no longer afford our home. We are not late and have not missed any payments. I have come in contact with a law office based in CA that offers loan modification, short sale, and deed in lieu services. If we opt to pay someone to negotiate for a loan modification with our lender am I less likely to fall victim to scam with a law office?

Answer:

We would need more details regardinng the proposed contract with the law firm. Without a review of the contract it is impossible for us to assess if it would be in your best interests.You could be paying for a service you do not need.

Have you approached the bank's loss mitigatin department to see if they would be interested in working with you or a lawyer n your behalf? Have you assessed to what extent you are upside down in your residence (i.e., is it worth attempting to hang on to)? Are you aware of Arizona's anti-deficency statute and if it applies to your mortgage(s)?

There are situations where a foreclosure is a more viable altenative than a short sale or deed-in-lieu.