The bank wants to sell my home. The lawyer that I was working with to do a modification said we will processed into litigation. What are my chances?

Asked by V32147896, 94544 Wed May 11, 2011

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Kim Salaices’ answer
Kim Salaices, Agent, Stockton, CA
Wed May 11, 2011
There are some agencies that you should contact.

Foreclosure Mitigation Assistance/ Counseling 800-569-4287

Homeownership Preservation Foundation 888-995-4673

FDIC Foreclosure Prevention 877-275-3342

It is illegal for anyone to collect money up front for any modification services. If this attorney has charged you a fee, please call Federal Trade Commission 877-382-4357.

If you have questions or would like the websites for these organizations, please let me know. All services are free and very informative.

I hope that it helps!
1 vote
Cindy Mello, Agent, Ripon, CA
Fri Jan 4, 2013
LItigation is expensive and time consuming. Do you think your attorney can fight the banks huge legal team? Do you have the money to pay for that? I know it sounds romantic to go after the lender to keep your house, but not practical. I would advise you to contact a local real estate agent to assist with a short sale and at least stop the foreclosure and keep you in your house while you determine your next step.

Warmest Regards,
Cindy Mello
The Mello Group
209-451-5446
Web Reference:  http://www.themellogroup.com
0 votes
Dot Chance, Agent, Burbank, CA
Wed May 11, 2011
I cannot give you legal advice but I can tell you that, unfortunately, most loan modifications do not go through.

Kim had a good answer below. I would like to add that a short sale will hurt you for less time than a foreclosure will. If you do decide to short sale your home you need to hire a Realtor that has short sale experience and is a CDPE (Certified Distressed Property Expert.) It sounds like the clock is ticking so please don't delay at least speaking to a CDPE.

Wishing you the best,
Dot
0 votes
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