Seems the pending legislation will actually open up access to legal representation for those homeowners who are not wealthy enough to be able to risk large up-front payments to so called "lawyer backed" modification outfits who, more likely than not, fail to deliver any value added service.
With every lender I have worked for over the past 20 years, it has always been the policy and the practice to not collect our fees until the loan was delivered to the consumer (i.e. closed) even though we risked many expenses and labor hours on each application. Why these "lawyer backed" loan mod outfits believe they are somehow uniquely deserving of advance collection of their fees is beyond any thinking person's imagination. Now that I think about it, not even heart surgeons demand payment of their fees prior to surgery! Who are these greedy, narcissist, lawyers & loan mod scammers kidding?
Poor attorneys can't fleece the consumer anymore without actually performing? I see the shoddy work attorneys do on a daily basis. Their holier than thou attitudes and entitlement mentality they have, only further erodes the already tumultuous position of the borrower.
I think the legislation is a great thing. An attorney has to actually affect a positive outcome in order to receive a fee? I can't think of a better way to get them off of their high horses than to say, "Hey...continue to blow rhetorical smoke and you don't get paid".
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