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hello everyone, me and my husband have missed 2 payments and need to do a modification on our loan, we would like to know if its better to go through the bank or hire an attorney, the attorney will cost about $3000.

Also since my husband recently found a new job, will this affect the approval on our modification?

I would say you're going to want to talk to the bank first and see what they can do before you get the attorney involved. Depending on your situation, the bank may have a simple streamlined process that will make things easy, and practically free.

Can late charges really be waived just like that in a loan modification? It may sound like a dumb question but Ive never seen it.

Late charges, or any other fees can be waived, forgiven, or anything else your bank decides to do.  It's all outlined in the mortgage agreement. Since they own the house and hold the mortgatge, they can make the rules any way that they wish.

Chances are, an attorney will just cost you money and can't make the bank do anything they aren't already willing to do for you.  Best thing to do is call the bank and talk to them.  If you don't get good feedback, schedule an appointment and do it in person.  You may get better results talking to a real loan officer, if they have an office nearby. 

If they decide to play hardball after just 2 late payments, then you've had the luck of getting a really bad tempered bank.  Most likely they'll just make a payment plan to get you back up to date and then work on a refinance plan, if they have a program in place.  Most banks do.

Hi Kerri,

In terms of loan modifications, the first thing to do is to settle the issue with bank first. Make it to the point that you better seek advise from them on what to do regarding new loan modification before hiring an attorney that will cost you and spend more money. In this case, you will have an idea of what should be the process and knowing what to do to get things right and in order.