Need a loan mod & was recommended a law firm, Parsa Law Group. A rating from BBB. Where can I get more info?

Asked by Andrew Traulsen, Los Angeles County, CA Thu Jan 29, 2009

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M Soliman, , Downtown, Los Angeles, CA
Thu Jan 29, 2009
They dont exist - they just do not! Ahhh, loan mods are now being placed by a congressional act with the bankruptcy judges - HUD said th eloan mod thing is disgusting.

Parsa Whazzzz up!
1 vote
Beth Walsh, , Ontario, CA
Thu Mar 19, 2009
A good firm should help you determine if you are a candidate for a modification. If you have no job or ability to repay getting a modification would be very tough. Ditto if the property is an investment property. If your circumstances are temporary most banks will work with you. (Ie job loss, reduced hours, etc. of a temporary nature)

If you have the time and where with all go to your lenders web site and read up on their requirements. Loan Modifications can be done on your own with out paying someone else to do it. The biggest obstacles are the amount of time it takes to follow up on your request, knowing the right questions to ask and how to fill out forms correctly. As for Parsa Law Group you can try Googling them. I would check the references at the California Bar Association.…
0 votes
Thu Mar 19, 2009
It would be nice if the media - and so called experts were talking from experience. Drew@760-710-0482
Wells Fargo 2nd Approved:
Old Terms:
Old Rate: 8.75%
Old Payment: $615.38 P&I
New Terms: 4 year fixed (48 months)
New Rate: 0.31%
New Payment: $181.77 P&I
Total monthly savings: $433.61
Good faith payment of $181.77
First payment due April 24th
Amount delinquent waived.
Countrywide 1st Lien
Old Term:
7.875% payment $2800
New Terms:
6.25% payment $1672 First Year
6.625% 2nd year
7% 3rd year
7.2% for remainder of term
0 votes
Brenda Miche…, , Los Angeles, CA
Fri Jan 30, 2009
I agree with M Soliman, "Loan Mods" do not exist. It is not so much that the "lenders" don't want to modify, in most cases they CAN NOT. It is likely that you are seeking to work something out with a party that does not even own your loan.

Most "mods" just prolong the inevitable, continue to drain your finances, and waive your rights to any recourse with any of the parties, known and unknown that help put you into this mess.

I would ask the law firm if they are willing to litigate and address the claims that I would be willing to bet exist in your loan. Most Attorneys although very skilled in law, don’t' really understand the depths of what they are dealing with. Don't forget their fees, you could be paying 15k + to still be in the same boat.
0 votes
Scott Butzba…, Agent, Long Beach, CA
Thu Jan 29, 2009
Hi Andrew,

If you need a loan modification, you should first contact the bank that your loan is with. And call them every day. One or two phone calls won't do it. They'll forget about you the minute they hang up the phone. I've never heard of Parsa Law Group. Are they a real estate attorney firm? I know of a company (not a law firm) that helps people work with their bank to have their loan modified. Please contact me if you need their information.
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