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Ask Barrister Your Own Question
Barrister
Barrister, Attorney
Category: Legal
Satisfied Customers: 37845
Experience:  16 yrs practice, Civil, Criminal, Domestic, Realtor, Landlord 26 yrs
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Right before the bubble burst in the housing market, we

Customer Question

right before the bubble burst in the housing market, we refinanced our home on an interest only loan. The home has become upside down and the bank / Chase will not refinance despite the fact that we have never been late on payments. a law center has promised that they can renogotiate terms and lower our note while shaving some of the principle off. Should I trust or just walk away?
JA: Since estate law varies from place to place, can you tell me what state this is in?
Customer: california
JA: Has anything been filed or reported?
Customer: no
JA: Anything else you want the lawyer to know before I connect you?
Customer: we believe that this was a substandard predatory loan to start. At the time we did not know any better 9yrs ago.....
Submitted: 10 months ago.
Category: Legal
Expert:  Barrister replied 10 months ago.

Hello and welcome! My name is ***** ***** I am a licensed attorney who will try my very best to help with your situation or get you to someone who can. There may be a slight delay in my responses as I research statutes or ordinances and type out an answer or reply, but rest assured, I am working on your question.

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How much do they want you to pay them for their attempts at renegotiation?

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Do they offer a money back guarantee if the lender won't negotiate?

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thanks

Barrister

Customer: replied 10 months ago.
$4000.00 to do the transaction. Nothing was said about money back guareentee.but they did say payable during negotiations in increments of $1000
Customer: replied 10 months ago.
No
Customer: replied 10 months ago.
I just want simple answer about the likely hood that chase will renogotiate and this is not a scam
Expert:  Barrister replied 10 months ago.

Ok, then this is likely a scam because under federal law a loan modification company can't charge advance fees for any loan modification. Under new section 10085.6 of the California Business and Professions Code and new section 2944.7 of the California Civil Code, the language clearly and plainly prohibits a licensee from claiming, demanding, collecting, charging or receiving any pre-performance compensation.

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Second, this is entirely up to the lender as to whether they will do a loan modification, so you would have just as good a chance of getting one yourself because there are no "secrets" to get the bank to modify..

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thanks

Barrister