Raffy M. Boulgourjian

I called Raffy to see if he could help me with a real estate issue I was having. Raffy said that due to the time-consuming nature of my problem, he couldn’t help me but could refer me to another lawyer. But he graciously agreed to a 1-hour consultation. He is a great listener, and his advice was e...xcellent. He drew upon years of legal experience, telling me what he thought I should do, and what my risks are with the various options I am considering. Frankly, he just comes across as someone with high integrity. He seems to derive satisfaction from doing an excellent job and cultivating a great reputation. I was amazed that at the end of our meeting he did not try to sell me on his services. I asked again if he could take my legal work, and he said he was too busy since he doesn’t like to outsource any legal work to other people, but prefers to do it all himself since that’s what his clients are expecting. I recommend that if you need legal advice, you call Raffy and see if he has time to help you. You won’t regret it.

I purchased a house in late 2005 that was financed with a 7/1 hybrid ARM loan with an initial seven year interest only period. Not only was my timing bad, but the house turned out to be the proverbial "house from hell" and required approximately $75K in repairs and updates that I financed primarily ...with draws on my HELOC. Fast forward five years and the situation wasn't pretty - the house was worth $450K less than I paid for it, I was $250K "underwater" on my mortgages (which made refinancing impossible) and my first mortgage mortgage payments were scheduled to increase 25-40% in two years. I knew that my lenders weren't going to voluntarily modify my loans but I needed objective advice on assessing my options. Litigating with my lenders to seek debt relief, walking from the house and pursuing a short sale or deed in lieu of foreclosure all seemed like viable alternatives but I didn't have the experience to evaluate these options as there were so many issues to consider. If I sued my lenders would they come to the negotiating table or dig in their heels out of concern regarding the moral hazard? Would my lenders agree to a short sale that made economic sense or would they expect me to sign a note for the deficiency? If I wanted to pursue a short sale would I get a better result by having an attorney negotiate on my behalf? As an attorney I could spot these issues but I didn't have the personal experience to handicap the potential outcomes. Being self-conscious of my predicament and not knowing any peers that had been in my situation I decided to use the internet to find an attorney experienced in residential mortgage issues. I read several of Raffy's posted responses to questions from borrowers and thought that they showed sound logic and good judgment so I decided to give him shot. I knew from my first meeting with Raffy that I chose the right attorney. During my initial consultation with Raffy he convinced me that short sale was my best option even though I was predisposed to litigate and litigation would have been in his economic interest. Raffy also convinced me that a real estate agent that specialized in short sales could negotiate as good an outcome as he could. Raffy even referred me to such a real estate agent. I retained Raffy to represent me in the short sale process to ensure that I could obtain objective advice through the short sale process rather than relying solely upon my real estate agent. Five months after first meeting with Raffy I was out from under my house and approximately $200K of the $250K that I was underwater. I also have the comfort of knowing that I have been advised by competent counsel that my lender cannot pursue a deficiency judgment against me. And for all of the benefits of this outcome, Raffy was incredibly efficient with his time. During the entire five month process I was billed less than $500. I have worked with dozens of attorneys over the course of my career and Raffy ranks among the best. I can't imagine another attorney that could have done a better job of guiding me through my situation and reaching a successful resolution.