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I Was Thinking of Using the Steve Mader Law Firm to Try and Save My House From Foreclosure. – Shawn

“Dear Andy,

I am currently in foreclosure in TX and looking to keep my home and get back on track. I was seeking to enlist Steve Mader law firm to help me at the tune of $2,500. I did a few searches and found some info on your site talking about him. I wanted to know if I should use them or what I should do?

Can you help me with saving my home? I am working with NACA now as well as looking to work with an atty, but I do not trust them as they tend to want money up front and not have any type of guarantee as to help. what do you suggest?

Shawn”

Shawn,

The Texas foreclosure timeline moves pretty fast, so if your intent is to save the property, you will want to move quickly with whatever path you choose. NACA can be a great tool for homeowners to help with correctly preparing your docs for a modification. I wouldn’t rely on them to follow up with the lender though, you can probably do a better job of that than they will have the time for. In fact, it’s of the utmost importance for you to remain very aggressive in communicating with your lender at this point. I would suggest at least twice a week.

If you have been submitting all the paperwork with the lender and following up regularly I’m not exactly sure how much hiring someone else can actually help you. I’m not against hiring a professional to assist and yes there are some reputable firms out there. The problem is that the industry that has spawned to “modify loans” is packed with crooks and scam artists. So much so that it’s almost impossible to tell the good guys from the bad.

If you get to a point where your lender refuses to offer you any assistance, you can always speak to a bankruptcy attorney. If you qualify, filing bankruptcy can stop a foreclosure dead in its tracks and will normally force the lender into repayment terms for the arrears. It’s not ideal and your monthly obligation would increase until you pay down the arrears in full, but it will save the home from an auction as a last resort. It’s also interesting to note that many lenders, who have flat out refused a modification, sometimes change their tune when they hear from the bankruptcy attorney for the first time. I’ve seen it happen a number of times where a lender will offer a great modification to avoid the unfavorable long repayment terms of BK.

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If you have further questions please post them in the comments section below, I am subscribed to this post and will do my best to respond promptly.

Best Regards,

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.




About the author

Andy Faria

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

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