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Home > Ask The Get Out of Debt Experts > Should I Pay to Join a Mortgage Mass Joinder Suit to Lower My Mortgage? – Don

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?


Dear Don,

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.

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About Steve Rhode

Steve Rhode
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.
  • Shennetha_jones

    Hi Steve, I did contact my bank, but they do not seem to be willing to assist me.  I am now 8 months behind on my mortgage and have exhausted every effort to save my home.  My lender told me that they are required to pull a credit history and include any outstanding debts into my monthly expenses.  Of course we know this raises the rate more than the required rate of 31%.  If this is the case, there are a lot of home owners like myself who are not getting assistance from their lender and it is very frustrating.  I have sought help from other entities and I have applied for the EHLP loan through NACA (they are not willing to help either since they are paid by the banks).  Since applying for the loan I have not heard anything from NACA or HUD.  If you have any information available with assistance or other programs I could really use it, and thank you for all the information. 

    • Steve Rhode

      I hate to ask the obvious but is it possible you simply can’t afford your house based on your current circumstances?

      You would not proactively hear anything from HUD. You’d have to reach out and talk with a HUD Housing Counselor for information and qualification for the programs available.

      If you have $5,000 or so to gamble with paying to join a mass joinder litigation and you can afford to lose those funds, go for it. Otherwise, you need to understand any of the ongoing suits against the lenders right now are probably going to take years to resolve themselves, they will not stop your home from being foreclosed on, and they may result in no benefit to you.

      Are you seeking to modify your mortgage or have you already done so?

  • S. Smith

    Hi Steve, I was skeptical at first about Hope for Hamp.  The stated they contacted me because either the bank forwarded my info or I went on the internet for help with my home.  I have already paid $400 for their software.  They claim that the software is from a company called RBL Associates, but Hope for Hamp is a non-profit.  I did ask questions, and the representative Mr. Link did explain the process regarding the banks.  He also told me I should qualify for the modification.  I am a bit confused though because they have a lot of testimonials of people who were satisfied with their services.  Please advise.  Ms. Smith.

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