Fighting foreclosure and high hopes

Expectations for hiring foreclosure defense

WEST PALM BEACH, Fla. - Brian Korte knows all about homeowners' high hopes of saving the home they can no longer afford.

"Many people come in and basically have a conversation with us about what they've heard or seen or heard a neighbor get as far as a modification, and they've created an expectation in their own mind as to what they should receive," Korte said.

As a foreclosure and loan modification attorney for the past seven years he says he has to set those expectations straight before his work can begin.

"And that is a difficult conversation to have, but it's necessary."

He said if you want to save your home, you're going to have to make some changes yourself.

"In many cases the client wants a low payment, because they want to maintain the quality of their lifestyle. But sometimes they have to impact their lifestyle to make the payment," Korte said.

And don't expect a modification from the bank, just because you're now working with an attorney.

"Many clients have to begin to look at what the banks position is. They have to understand the bank is doing this as a business. It doesn't have to do a modification, but will do a modification if it's necessary," Korte said.

But Korte can advise clients on how to make it work.

"You need to have that conversation and say, you don't qualify, you have to do the following things to qualify, and if you're not going to be able to do those things, you have to be prepared to do a short sale, a deed-in-lieu or whatever you need to do to make a realistic exit strategy from this property," Korte said.

He cautions clients who have been told otherwise.

"If someone promises you something that's really, really good, get it in writing. If they truly meant what they said, they'll do that."

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