Buyer beware

Fri, Aug 28, 2009 (3 a.m.)

Some attorneys are facing criticism over their role in a mediation program to help ease the state’s foreclosure crisis.

As Brian Wargo reported in last week’s In Business Las Vegas, critics are accusing some attorneys of trying to cash in by advertising their services to homeowners, saying they will represent the homeowners in the mediation sessions.

Michael Joe of the Legal Aid Center of Southern Nevada said homeowners don’t need to have attorneys for the meetings, which bring together the homeowners and their mortgage companies. He said some attorneys were “preying upon the weak and the desperate.”

Joe has a reason for concern. The homeowners facing foreclosure are in a vulnerable position and may make a rash decision. However, that may be a reason for them to consider hiring an attorney. After all, many people bought homes not understanding the terms of their loans, leading to the rash of foreclosures because of adjustable-rate mortgages.

We hope that Joe’s concern turns out to be unfounded. The attorneys soliciting this business should be forthright and professional. At the same point, if homeowners are going to hire an attorney to represent them in the mediation sessions, they should make sure the lawyers are knowledgeable and experienced. By now, homeowners should understand the adage: Let the buyer beware.