DIY or Use an Attny to help Negotiate Debt?
I keep hearing how people are sometimes able to work things out with their lenders & the credit card companies on their own. We are starting to bleed out. Mortgage is upside down--house is worth less that what we owe. We want to sell, but we would need money to bring to the closing to pay off the lender. Like so many others we are house rich-money poor. Credit card debt is sky high--please no lectures on how we got there--we are there.
My DH talked with some "debt counselor" & they are saying that their attorneys have more clout with better success than trying on your own. Here's the catch that really sounds like a scam for me. They get paid $3,000.00 if they succeed, if not they "only" take $900.00. Even with my math/finances illiteracy this sounds like a scam.
AM I THE IDIOT or is HE not thinking straight?
If I actually had a spare $3,000.00 sitting around wouldn't I pay off some debt/mortgage? My DH travels so much & works so hard--long hours--weekends & evenings--he's thinking maybe using these attny's might actually be the best way to go since he has so little time to make these contacts himself. I am pretty much useless in the finances department, but I would do anything to help him.
Could this really be something on the up & up????