Can you please tell me if I should have my loan modification documents looked over by a local attorney?

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Can you please tell me if I should have my loan modification documents looked over by a local attorney?

I applied for a government-backed loan modification for my home. I was denied but the mortgage company put me on a 3-month trial for their own loan modiciation program. I do not fully trust this company, as they have sent me the documents that I must sign, have notorized, sent back with $300 for state filing, and an agreement to allow them to auto-draft all future payments from my checking account, all within 5 days. It seems very rushed to me, and I never allow anyone to auto-draft on a monthly basis from my account.

Asked on January 21, 2013 under Real Estate Law, Georgia

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 8 years ago | Contributor

Based upon what you have written as to the facts of your question, it seems to be a good idea for you to spend a bit of time and cash outlay to have a real estate attorney experienced in loan modification documents to review the documents that you have written about to make sure that your interests are being safeguarded if you sign them and submit them to the lender.

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 8 years ago | Contributor

Definitely have an attorney look over those papers IF you are thinking of going ahead; these documents will profoundly affect you, by impacting how much you owe--potentilally by tens of thousands of dollars--potentially affecting your ownership of your home, and obviously impacting your budgting. Do not sign anything this far-reaching without attorney review.

More generally: if they are rushing you, that's usually because it's NOT a good deal and they want you to sign before your realize that. Legitimate lenders do not rush you. I used to work for the SEC--it's the scam artists who push you to act now. If you have a bad feeling or don't trust them, maybe you should trust you instincts.


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