Should I Hire a Bank of America Loan Modification Lawyer?
Are you going to file a Bank of America loan modification lawsuit? If so, you need to get informed about your rights. This article will help you do just that. I’ll tell you what Bank of America does not want you to know, and how this information could help you secure the loan modification you deserve. If you don’t know where to start, it’s best to continue reading on.
Bank of America Loan Modification Lawsuit
First, Bank of America has policies that prevent homeowners from filing modifications on their own. The bank only allows people who are represented by an attorney to pursue such cases. So how is this possible?
Banks don’t want to spend the time and money on hiring a loan modification attorney, they hire them because of the costs involved. (Bank of America didn’t hire me to write this article – I’m just writing it for you to keep you informed.) That doesn’t mean there is anything wrong with this, however.
Bank of America would much rather get out of the mortgage business altogether rather than allow a few homeowners to retain ownership of their home.
Why would they do this? They don’t want to have to change the terms of the loan, or even have to foreclose on the house. That’s why they fight to avoid having to go to court to get the terms changed.
What if you get your loan modification from Bank of America?
Do you have to worry about fighting the bank in court over the terms of your loan modification? You shouldn’t. If Bank of America were to accept your claim and agree to all of the terms you’ve outlined, they would be in violation of federal law. If that sounds hard to believe, consider this.
Bank of America, through attorneys, would get into trouble for accepting your claims without having to go to court.
The lender has several months (usually less than a month) to respond to your modification lawsuit. If it fails to do so, Bank of America faces severe penalties that are in addition to the cost of the loan modification. That means a loss of thousands of dollars and an even larger loss of thousands of points (the difference between your current interest rate and the modified rate). This loss of money plus the additional costs already described would make a loan modification lawsuit a very expensive process for Bank of America.
What if you cannot afford to hire an attorney?
Don’t worry, because there are a couple of companies you can use to get the information you need to represent yourself in court. These companies charge a fee, but it is small. In fact, many attorneys won’t work on contingency fees, because they understand how important it is to get as many clients as possible, so they’ll likely be willing to take a percentage of your winnings in case they win your modification lawsuit.
There are also several contingency fee lawyers that will offer free consultations if you don’t have the money to pay for representation, so if at any time you feel you aren’t getting the help you need, be sure to ask about these.
