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Should I Pay to Join a Mortgage Mass Joinder Suit to Lower My Mortgage? – Don

“Dear Steve,

Struggling to keep a home I purchased for 278,000 back in 2007. Now the house is worth 130,000. My initial payment was 2068 a month. After the loan modification I now pay 1728 a month.

I got a letter from Precision Law Center regarding a TORT LItigation stating that I could get monetary compensation and reduce the principal down to 104,000.

I just received a retainer form from them and they are asking 5000 for their services but I’m not sure if this is a scam or what. Can you give me some advise?

Don”

Dear Don,

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

For the record, I have no problem or issue with good legal advice. I encourage you to seek the second opinion of a licensed local real estate attorney before you sign any retainer agreement with any mass joinder or tort litigation provider.

The issue with these cases is the impression that sales representatives are giving that the consumer will either prevent the foreclosure of their home, get cash back, get their mortgage reduced, or any of the other claims being made.

As Precision Law Center says themselves, there is no guarantee of any success in this litigation and even if it was to be successful it will probably take years to work through the court, and what you are looking for is relief now. The objectives don’t see to align themselves.

I previously reviewed the Precision Law Center retainer agreement, you can see that review here.

This seems to be the bottom line from my point of view, if you have $5,000 to gamble with in hopes of receiving some resolution in a few years to the lending actions of your mortgage company and you are willing to receive nothing, then you are free to gamble on this.

Please post your responses and follow-up messages to me on this in the comments section below.

Damon Day - Pro Debt Coach

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Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.
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