I've read about attorneys charging contingencies that are based on the loan modification they negotiate. My question is, if they save the homeowner say $30k and they charge 33%, how would they be protected in collecting the $10k from their client? Couldn't the client turn around and file bankruptcy? Does the bank directly pay the attorney this difference?
The Florida Bar frowns on those type of loan modifications since the very nature of the loan mod is to save your home and by entering into an agreement where you cant pay the attorney back, they lien y our house and then take it from you. I strongly urge you not to enter into such an agreement and rather speak to an attorney that will charge you a flat fee. Many like us allow for payment plans and you must be prequalified before. Otherwise, what is the point of having you retain if you don't qualify. Speak with an attorney today so you can keep your home.
A few lawyers have tried this and while the Bar hasn't done anything, they aren't encouraged. There are plenty of lawyers out there who will charge a flat fee for a loan mod; but you will pay this fee for the time, not any particular result usually.
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