Although McSweeney's is mostly known for their hysterical satiric articles, here is a rare non-fiction one. In it attorney, Wajahat Ali, documents his frustrating but determined fight with Wells Fargo to negotiate a loan modification for his clients. His determination and constant threats to declare bankruptcy and/or to sue the bank paid off and Wells Fargo eventually relented. His clients have a modified loan.

Some takeaways from this article are:

1. The bank won't begin to discuss modifying a loan until it is within 3 days of foreclosure.
2. "Stated income" loans, where you just tell the bank what your income is without having to prove it (lie), are illegal. If your fight goes to court, there is a good chance that the whole loan will be thrown out and you will get your house for free.
3. California just passed a law that prevents lawyers from working on loan modifications on retainer. Although it stops a lot of scammers, it also reduced the number of lawyers who are interested in doing the work.

This article is courtesy of the Consumerist.