COMPARISON OF LOAN MODIFICATION OPTIONS

Before hiring anyone to help with the modification of your home loan, it is very important that you understand all of the available options. Not all modification companies are the same. In fact, there are some significant differences that can effect your ability to obtain a successful result.

At Hochman Legal Group, we’ve created an impartial and easy-to-understand comparison of your options. We strongly encourage you to conduct further investigations and to talk with any person or company whom you’re considering to negotiate with your lenders about a loan modification.

Attorney and Law Firm Representation	Modification Company Claiming to be Attorney-Backed	Modification Company or Individual
Regulated by the Bar Association of the state in which they are admitted to practice law.	Unregulated. In some states, must be licensed to perform loan modifications.	Unregulated. In some states, must be licensed to perform loan modifications.
Direct legal representation by your own attorney and law firm.	No legal representation. The attorney represents the modification company, not you.	No legal representation.
You have direct contact with and access to an attorney who is handling your case.	No contact with an attorney. Files are handled by processors.	No contact with an attorney. Files are handled by processors.
Able to provide you with researched legal opinions and advice about your options.	The law prohibits non-attorneys from giving legal advice. You cannot rely on any legal advice given by non-lawyers.	The law prohibits non-attorneys from giving legal advice. You cannot rely on any legal advice given by non-lawyers.
Law firms can threaten your lender with a lawsuit for non-compliance, and can stand behind the threat if the law firm also has litigation experience.	No legal representation means no ability to threaten legal action.	No legal representation means no ability to threaten legal action.
Legal advice and direct representation by an attorney is included in the price.	No legal advice given to the consumer because the attorney represents only the modification company.	No legal advice available under any circumstances.
Law firms provide security and comfort knowing that you’re directly represented by a licensed attorney, preferably one who is experience in Mortgage Lending and Real Estate Law.	Unregulated individuals and companies may have a history of consumer fraud and are routinely investigated by governmental agencies.	Unregulated individuals and companies may have a history of consumer fraud and are routinely investigated by governmental agencies.
Staffed by full-time attorneys and experienced legal professionals.	Often staffed by inexperienced individuals who possess no legal training.	Often staffed by inexperienced individuals who possess no legal training.
Able to communicate and negotiate directly with the lender’s attorneys, often resulting in a faster and more successful modification.	Because they are not attorneys, they have no access to the lender’s attorneys. Instead, they talk only with the same individuals who everyone can reach when calling the lender’s “help” line.	Because they are not attorneys, they have no access to the lender’s attorneys. Instead, they talk only with the same individuals who everyone can reach when calling the lender’s “help” line.
Must comply with the Rules of Professional Responsibility for lawyers, which are approved by the State Supreme Court.	No rules of conduct.	No rules of conduct.

We strive to provide all HochmanLegal.com readers with valuable information about ways to get protected at every step of the loan modification process. Unlike other providers of loan modification services, lawyers are regulated by the Bar Association in the states where they are admitted to practice law and must comply with the Rules of Professional Responsibility that have been approved by the State Supreme Court. We encourage you to research and find a local and actively licensed attorney who also possesses experience with the unique aspects of Mortgage Lending and Real Estate law.


The information contained in this document is provided by Hochman Legal Group, PLLC for informational purposes only. It is not intended to be and should not be construed as legal advice or representation. Consult tax and legal professionals for advice about your specific situation. Reproduction or use on a website or in marketing materials is not allowed without written permission.