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Should I Hire All State Law Group to Modify My Bank of America Mortgage? – Charles

“Dear Andy,

Tried twice to to get a modification with BOA with no success,have ask a law firm to help, but cant find any info on the firm

Should I retain this law firm from calif. THEY WHAT THREE PAYMENTS ONE TO START, THEN ONE IN THE MIDDLE AND THE REST AT THE END. 1500-1000-500.
Sr. Underwriter
Toll Free: 866-887-4691 xt. 303
Fax: 877-890-5237
Website: www.aslawgroup.com
Email: Joperana@aslawgroup.com

Charles”

Dear Charles,

I cannot tell you whether or not to use All State Law Group. I’ve never heard of them, and I have no first-hand experience with them.

First, you should know that as of Jan 2011 the Federal Trade Commission (FTC) implemented a new nationwide rule that regulates how all mortgage relief providers are allowed to operate. Non-attorney’s are not allowed to accept any upfront fees whatsoever, and here is how the FTC words their exemption for attorney’s:

Do You Have a Question You'd Like Help With? Contact Debt Coach Damon Day. Click here to reach Damon.

Attorneys are generally exempt from the rule if they meet three conditions: they are engaged in the practice of law, they are licensed in the state where the consumer or the dwelling is located, and they are complying with state laws and regulations governing attorney conduct related to the rule. To be exempt from the advance fee ban, attorneys must meet a fourth requirement – they must place any fees they collect in a client trust account and abide by state laws and regulations covering such accounts. – Source

Does All State Law Group meet all of these requirements? I don’t know, but before you send them one dime, you will want to make sure they do. There are way too many horror stories of homeowners trusting both attorney’s and non-attorney’s to modify their loan, and ending up with nothing in return. If they’re in the business they should be well aware of these rules and transparent about their compliance with them.

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The next issue that raises some concern is the fact that you have already tried to modify your loan twice now, unsuccessfully. Why did BOA deny the modification previously? If they have your finances accurately on file, and they denied you for either too much or not enough income, there won’t be much that anybody is able to do to change the outcome. BOA does not have any obligation to modify your loan, you must qualify for the programs available. If you don’t qualify based on your accurate financials, the only option you would have to modify would be to either lie about your income/expenses, or truly increase or decrease your income/expenses.

Before you go hiring an attorney and paying $3000 to make a third attempt at modification, you should get further assurance that you are in fact a good candidate. Otherwise you could end up wasting a lot of time and money that could be better spent pursuing other options.

Good luck and please keep us posted in the comment section below. I am subscribed to this post and can always answer any questions you may have in the future.

Andy

Andy is a licensed real estate broker in Massachusetts and is the founder of Northeast Properties in Norton, Massachusetts. His brokerage is designed to help homeowners in today’s difficult real estate market, specializing in short sales. Andy speaks with Massachusetts homeowners every day, helping them to address their questions or issues with short sale or loan modification. He enjoys helping consumers arrive at the correct solution to their problem, and believes that the only way to correctly do that is by presenting them with all of their options in an un-biased manner.

If you have a mortgage, short sale, real estate, or loan modification question you’d like to ask just use the online form. I’m happy to help you totally for free.

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Broker/Owner of Northeast Properties – real estate brokerage
President/Owner of Northeast Settlement Group – performance based debt relief

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