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Is Preferred Law Legit? They Won’t Put Guarantee In Writing.

“Dear Steve,

We were contacted by Preferred Law LLC about getting a modification of our home mortgage They painted such a rosy picture of reducing our mortgage rate by 2-3 pts. which would save us thousands over the term of our loan.

I read your article about Modifiation Review Board LLC, based in Sandy Utah, which when sent the final forms to sign and return was listed on the letterhead. I noticed a few spelling errors, including the last name of my husband, as well as a few in the base of the letter. It didn’t look right to me, and the company named had never been brought up during any of the phone consultations we had with the Preferred Law LLC representative, Rod Kartchner.

One of the scenarios he explained to us, and which set off a red flag, was the best case scenario which would benefit us greatly, was a 40 year plan at 2% interest. Now my husband and I are 60 years old..realisitcally, who, in thier right mind would refinance us for 40 years?

They want us to sign a contract paying them 3900.00 over the course of 4 months, which is about the length of time it would take to get this modification, and we were told to stop paying our mortgage immediately.

My husband lost his job last year, so this sounded too good to be true, that our mortgage would be reduced several hundred dollars a month. We have been round and round with BOA for several months and getting nowhere as they kept losing our paperwork, asking for more info, resulting in a denial with an opportunity to appeal, then not filing the appeal when we complied, within days, with the information they wanted which brought about the denial.

So once again we were verbally told we were denied, and that we wouldn’t have this problem if my husband got a job and The underwriter said we were destined to fail. We have asked for a second denial notice several times, but as of yet , they have not complied.

We had never been late on a payment, and are not currently behind. When we took out this note we were in a better financial position and could very well afford the note even at the current interest rate we had, which at the time the note was taken out, was a fair % rate.

READ  Modification Review Board Wants to Sell Me Advance Fee Loan Modification Help. - Danielle

But now that my husband lost his job, and is collecting unemployment benefits, money is very tight, to say the least. I am still working and we do have good credit. We are extremely tired and frustrated with BOA and it’s inability to help us with the few government programs out there designed to help people in our position, and dont know what to do next.

Short of selling our home and moving to the street, we are getting desperate and this Preferred Law LLC company almost got us to sign on the dotted line due to the rosy picture they painted, However, the “GUARANTEE” of modification they offered in writing, has only been verbal so far. The amount of money they asked for a fee, was daunting, and advising us to stop paying our mortgage, then hiring a credit repair company to help us when the modification went thru, scared the heck out of us.

They sent us a few informational pages, explaining our legal rights in the mortgage world, the laws of forclosure, etc. which looks professional enough but also looks as tho they could have been printed off the web somewhere. We have stopped all procedings with this company until we investigate further and have decided to contact a modification lawyer in our town.
With all the info out there, concerning the government programs, it is clear to us that we qualify for the HEMP program, and cannot understand why we are having such a difficult time with BOA.

My question is, after reading your article, did you get any furthur info or feedback on this company and are they legit?”

Your question brings up a number of issues.

First and foremost, you should understand that Bank of America has no requirement to modify any mortgage they don’t want to modify. If Bank of America has given you some feedback about you not qualifying for their programs, that’s important information.

READ  Preferred Law - Consumer Complaint - March 8, 2013

If you read my post about Modification Review Board you might have seen the nastygram I received, and posted, from Benjamin R. Horton, Esq. from Preferred Law.

In that letter he stated “Modification Review Board does temporarily share some of the content with one of our Preferred Law, PLLC websites.” But since the claim is that Modification Review Board is borrowing the material from Preferred Law I can’t understand how your interaction with Preferred Law would result in you receiving a client agreement or material from Modification Review Board.

Just logically, if you received a mailer or something proactively from any modification company it is probably intended to be the introduction to sell you something. In that light you need to evaluate the presentation as a sales pitch and if there are items in the verbal sales pitch that the company is not willing to put in writing, that’s concerning.

Before you consider paying any money on the verbal statements of a sales representative it would be sensical to get a second opinion. You can talk to a free HUD Housing Counselor or as you already deduced, a local real estate attorney. Certainly a second opinion is not something any legitimate law firm would object to you pursuing.

So I’d suggest you ask the Preferred law representative to put their representations in writing that you are counting on. If they won’t then I think that stops your quest right there. If they will, a second opinion is a great idea before you cough up money you can’t afford to spend.

Just one last question, did Preferred Law send you a mailer that looked like an official form? If so, can you upload a copy of that form me using this link?

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

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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.


  • I have no bias either way towards this law group or any other. According to the M.A.R.S Rule of 2011. It is illegal for anyone to give a guarantee of an outcome. Why are people wanting this company to blatantly give them a guarantee if the law firm is precluded from doing so?

    • So if they are claiming they are exempt from MARS and can charge an advance fee would they then not prohibited from providing a guarantee?

      It can’t be both ways.

      • We also hired Preferred law, but it was our understanding that they performed specific services and then we paid for those services after they were performed. They represented our case for a set fee, but the fact of the matter is that they worked on our case for almost a year. So I don’t know what everyone else is talking about. They were pretty clear about their fees and how their service worked from the beginning. I think ultimately people just hear what they want to hear.

  • First of all, Id like to say to all the negative comments about preferred law and loan mod rev board.. you should all be ashamed of yourselves. Not only did both of those teams work their asses off on getting my my loan mod from $800 to $419 including escrow, they gave me the best Christmas present ever. Was I unsure about them from the beginning.. sure bc of posts like these. I am here to let anyone out their unsure know that they can contact me for any details that I went through. My direct email is [email protected]. I will even give my number out to those who are serious. It was the most stressful situation I have ever been through. Not knowing if you are about to lose your home, and putting your faith into someone else’s hands is scary. Bank of America did not want to help me & said that there was nothing they could do for me. When Bobbi Collins worked on my case, 4 months later I got my mod package from BOA stating that I was approved for a mod as long as I could pay my 3 month trail payments on time. Mods are projects that take months, or even a year. It is very time consuming and they work their best and hardest to get you what you need. I have proof that this company is legit. I can show you if you need that. So, to all of you who want to bash this company, you should be ashamed of yourselves!!!!!!!!!

  • They’re not what they say they are.. I went to preferred law in June 2012 and the promise they would help.. her it is Feb 2013 now I’m losing my house.. wow… they didn’t do anything to help…

    Stay away from preferred law…

  • We also have been in contact with Rod Kartchner, has anyone actually had their loan modified by him, and how long did it take, we are not comfortable not making a house payment and sending him $4000.00 to make this happen

  • I have worked with Preferred Law, Representitive Bobbi Collins. I also have BOA as my mortgage holder. I originally was referred to Save Our Home, who in turn referred us to Preferred law. They have successfully worked with BOA, and our loan has been modified. Our payments were $1900 and are now at $1400 including escrow.

  • Steve,  I just spoke  to his guy Rod Kartchner  Preferred Law.  Everything he says sounds GREAT and he is sending me the forms for me to read and check out.  I decided to go on line and check out this Company before signing.
    We rece’d  Court papers and Rod says that they will send papers to Bank of America seizing all foreclosure proceeding.  I also I’m asking if this company is legit or too good to be true.

  • Steve
    Thank you for responding so is my response
    How we came into contact with this company is as follows..My husband went online to find someplace we could file a complaint against BOA, as we could not find a thing on thier website to bring our case to an in house higher level. He came across this listing for a lawyer/law firm that specializes in cases involving BOA, offering a free consultaion..what did we have to lose?  They then contacted us by phone and went into the intro and consulation.  Since the writing of the letter to you, we contacted Fanni Mae, she listened to the whole ordeal, and said she would escalate our case..and would look into it further, which would take 5-10 days.  She was not familiar with any dealings with the companies in question. And could not help us in that area.
    We did recieve the schedule last night..but still no guarantee
    in fact at the bottom of the schedule form, it clearly says there is no guarantee that we will get the rate we want..we see this as an out. As I said in my initial letter, who in thier right mind   would finance us for 40 years.   I will keep you updated as we go along.  

      • I’m not sure that’s true. If it was then why do many guarantee you will get no refund?

        Certainly there are performance metrics that could be established if they wanted to. In fact don’t they already do that in no win, no fee situations?

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