Comments on: Attorneys for Commercial Loan Modification. What You Need to Know.

By: Barry Hart

Barry Hart — Wed, 06 Jan 2010 21:44:20 +0000

In the context of obtaining a guarantee as to any result on any loan modification (commercial or residential) where an attorney is responsible for the services performed, most state bar associations that have adopted the Code of Professional Responsibility prohibit a licensed attorney from providing his/her client with any guaranteed result.
So an attorney who does give you a guaranty as to any result may well be committing an ethical violation subjecting that attorney to discipline by the state bar of the state(s) in which that attorney is licensed. That said, you should most definitely do your whatever due diligence you feel is necessary before you retain/hire anyone including an attorney to represent you in a loan modification (residential or commercial). Even if they have credentials that check out, find out who will be doing the work on your file–the 20+ year veteran you had your consult with or one of his/her “associates” who may be 3 months post bar examination etc. Also ask the professional what type of result can you reasonable expect, assuming all of the financial information you have provided is complete, accurate and truthful (validated by copies of bank statements etc, tax returns, financial statements as well as any non-financial hardship related items. There is a significant amount of work that goes into a non-HAMP modification. Find out if what you expect is reasonable from the professional before you make a decision to go forward. All of the essential elements of what the professional is going to do for you should be spelled out in a written agreement.
To expect a refund because the professional did not get you all of what you wanted after full pror written disclosure is not realistic so long as the work done can be substantiated. If you have hired a scam artist, yes you should get a refund, but how realistic is that? —without reporting such conduct to regulatory agencies or even filing suit against them–not a good prognosis in that context.

By: Justin Bartlett

Justin Bartlett — Sat, 12 Dec 2009 00:27:02 +0000

Ted, I’d definitely like to get in touch with you sometime and talk about commercial loan mods!

By: Ted Karsch

Ted Karsch — Fri, 11 Dec 2009 21:06:00 +0000

Diane,

Here is the correct contact information for my commercial loan modification company:

Website: Commercial Capital Advisors, LLC

We only do commercial loan modifications, not residential. Our principal and lead bank negotiator is a commercial real estate broker and CCIM with over 20 years of experience with commercial loan workouts.

By: Ted Karsch

Ted Karsch — Fri, 11 Dec 2009 20:58:11 +0000

Hello Diane,

My company Commercial Capital Advisors, LLC is a commercial loan modification company. I wrote the above article. Just give me a call anytime and I will give you a free analysis of your current situation and educate you about your options.

Ted Karsch

By: Christine

Christine — Fri, 11 Dec 2009 01:53:13 +0000

If you are going to work with a loan modification attorney, there are several steps you need to take.
First of all, be wary of any upfront fees. Even if they have a money back guarantee, there is really no actual way of knowing if you will get some or even any of your money back. In California it is now illegal for an attorney to accept upfront fees and they can only collect once as services are rendered.
Second, check with your state’s Legal Bar to make sure the attorney you are going to hire is in good standing with them and is not under investigation for unethical practices. Again, in California the state Bar has released names of 16 attorneys under investigation for their loan mod practices. Check with your state to see if they have something similar.
Third, if you are doing business with a loan modification company, make sure they are contracted with an attorney. Attorneys have legal means of slowing or even stopping the foreclosure process while negotiating a loan modification, as well as experience in dealing with lenders. Also check with the Better Business Bureau to make sure there are no complaints about fraud with the company you are dealing with.

By: Diane

Diane — Wed, 28 Oct 2009 04:33:25 +0000

so can anyone recommend a loan modification company or reliable lawyer? Which would you go with? lawyer or loan mod co?

thanks – we’re in need! Di

By: Todd Wetzelberger

Todd Wetzelberger — Thu, 15 Oct 2009 04:28:48 +0000

Residential you have better chance since the laws are geared toward the consumer Commercial you can also go to FTC or AG but no one weeps for an apartment owner who can’t make the note and got screwed.

The best thing is if you payed by CC request a chargeback and let your credit card company go after them.

Also let them know if they stuck it to you that you will find out where they eat (i.e. where they troll for clients) and will let everyone know how they treated you.

The good thing is many loan mod firms are under fire and state AG offices are going after them so chances are if you say “boo” they may flinch and do the refund.

I’m in the trenches every day as an investor, someone who had to do their own loan mods after hurricane Katrina wiped out our development business and as an owner of a residential and commercial mod firm that was born out of those experiences so I hope that helps.

By: Dave Sharp

Dave Sharp — Wed, 14 Oct 2009 17:23:45 +0000

Is there any recourse on commercial or residential loan modifications if a lawyer can’t get it done, but took your money up front? Any laws out there to protect people who may have gotten screwed?