we were denied for a mortgage loan modification filled with wells fargo bank which. This is the second mortgage os an our home from a equilty credit line which we owe about 200,000 while on the 1st mortgage is with B of A and nearly paid off. We already recieved the default notice in behalf of wells fargo. We spoke to a laywer who claims to be able to get the loan modification granted and if it fails , he stated we could always file chapter 13....BUT we just filed chapter 7 last year in July which was closed in Nov.
Can our home be saved? NOTE the reaso why we were paying Wells Fargo was in hopes to be granted loan Modiification
How did you find the lawyer? Was it in response to a solicitation? If so, and if the lawyer wants any money up front before the loan modification is a done deal, it may not be a scam but it sure is illegal. No one, not even an attorney, can receive any advance funds for a loan modification. If the attorney is willing to work on the modification without any advance payment, the attorney is probably legit.
Several of my clients have received modifications with the assistance of NACA. There website is here: http://www.naca.com. The services are free. You have to jump through a few hoops but you are able to deal directly with the lender, in person. I don’t know if that organization would be right for you situation but I mention them for what it might be worth to you.
The attorney you spoke with is correct: you can file a Chapter 13 after a Chapter 7 is closed to deal with mortgage arrearages. Whether this makes any sense to you, only you can answer that question. Good luck.
I am licensed in California only and my answers and information on Avvo assume California law. Answers and information provided by me is general information only. It is not legal advice. It must not be relied upon by you. Legal advice must be based on the interplay between specific facts and the law. This forum does not allow for the discussion of that interplay. I provide legal advice during the course of an attorney-client relationship only. The exchange of information through this forum does not establish such a relationship. That relationship is established only by personal and direct consultation with me followed by the execution of a written attorney-client agreement signed by each of us. The communications on this website between us are not privileged or confidential. All legal proceedings involve deadlines and time limiting statutes. So that you do not lose any legal rights for failure to timely take appropriate action for your situation, you should promptly and personally consult with an attorney for legal advice. Also see Avvo.com's terms and conditions of use, item 9, incorporated by this reference.
Chapter 7 Bankruptcy Attorney
Our office frequently negotiates foreclosure sale postponements with Wells Fargo when we are actively working on a loan modification. Filing bankruptcy again should be a back-up plan only if your attorney is unable to get the bank to agree to postpone the sale. Home equity lines of creidt are often easier to modify becasue they are in second position on the property. Becasue loan modification is based on your income and assets, I would need a few more details to give you comprehensive advice on your chance of loan modification success, but it is possible to get a loan modification even after having been denied. If you would like to come in for a free consultation to discuss options, I'd be happy to meet with you. Please feel free to check out my law firm at www.hlawinc.com.
Construction / Development Lawyer
There are attorneys out there that can help you with your situation. Be careful though, there are many people in the loan modification business that prey on people and offer little to nothing in return.