Clients and acquaintances often ask me if I can refer them to someone who
can help get a loan modification. Unfortunately, I can’t. I don’t
know of anyone who is going to do any better of a job than the client
could do working directly with the lender. So I usually suggest that clients
try to negotiate directly with the lender to obtain a loan modification.
Almost all loan modifications now are done through the HAMP program, so
I put together an article on the HAMP program that gives a basic framework
of how that program works.
Recently, I noticed a press release from the State Bar identifying various
loan modifications that were under investigation. (The release is dated
9/18/09.) I don’t know what the current status of this investigation
is, but I would highly suggest that individuals in California considering
using a loan modification law firm contact the
California State Bar to see if there have been any complaints regarding the firm they propose to use.