The Obama administration has been working hard to reduce the number of foreclosures and help consumers remain in their homes. The Banks and their Analysts are bristling about the prospect of mandatory requirements for lenders to offer a mortgage modification to every borrower. They do not want to take into account contributing factors, which include bank servicing errors and lax underwriting which placed many individuals in homes that they could not afford. Two other major contributing factors beyond anyone's control are the economy and unemployment.

The banking community opposes the idea of a unified settlement requiring banks to pay over $20 million in civil fines for mortgage-servicing errors or fund the same amount in modifications, with a focus on principal reductions.

Restructuring a loan with a mortgage modification provides the borrowers a chance to get back on track and a chance to stay in their home. Writing down a loan balance is only going to help a consumer if the outcome makes the monthly payment affordable. Lenders complain about this concept and cite that they must eat excessive costs to make modifications work.

The banks complain that more consumers will take advantage of the opportunity to reduce their loan amount with a mortgage modification. Most homeowners that seek mortgage modification relief do so, because of a hardship. The parameters are very clear in the mortgage modification lending process. It is not easy or prudent to prove a hardship just because the person is delinquent in paying the mortgage. A successful mortgage modification that leads to a balance reduction will have the facts and documentation to prove the homeowners request is legitimate. The banks know and understand this, yet they fight against the mortgage-loan plan with the arguments that this could encourage more homeowners to seek mortgage relief and extend the housing crisis.

Continue reading "The proposed Mortgage-Loan Plan is not favored by the Banking Community" »

Since our firm helps people who are facing foreclosures we have a unique perspective on the "foreclosure crisis." We see cases from start to finish. Sometimes folks come to us too late in the process. They want us to try and "unwind" the case. These poor people simply want to know their options, such as modification and/or mediation.

After doing hundreds of investigations, we have discovered the insidious side of home loans and banking. We have uncovered massive foul play when it comes to the foreclosure process.
Many times the original loans are sold and assigned to lending servicing agents. These loans are sold multiple times.

The buying and selling of the loan is not illegal or unethical if the law if followed. Remember, we are talking about the right to take away most people's greatest asset, their shelter, their family safety and their life security.

The law must be followed when a bank forecloses on a family's home. The law requires that any sale of the mortgage and note must be properly "assigned" to the new owner. That "assignment" must then be recorded. If those steps are not followed the homeowner will never know who actually owns the property. This is NOT happening!

Now we have lawsuits being filed by companies who are swearing under oath that they own the mortgage and note. Unfortunately they have no legal proof and many times it is not true. These note holders are suing the homeowner in foreclosure even though they do not have the legal right to foreclose! Sounds crazy. It is. But it is also true.

Many of these note holders are banks. These banks are moving forward with bad documents and trying to avoid the judge throwing their case out by filing assignments far too late in the case. Sometimes the banks wait over a year to file an assignment. Keep in mind, the Judges are being crushed in foreclosure cases. They want them to be over more than anyone. So, some Judges are actually allowing the bank to file "catch up" documents at any time just to end the foreclosure.

Yesterday I was in court trying to set aside two foreclosure judgments which the bank actually got even though they did not own the note or the mortgage when they filed their lawsuits. In other words, they sued and foreclosed on a family home and they did not own any paperwork which supported the allegation that the bank had any right to foreclose!

The documentation we presented was clear on this and the fact that the bank got the judgment using fraud. It did NOT matter. The judge denied the motions! Of course we are appealing, but so few people have the money to hire lawyers to fight banks who are taking their homes to begin with, it is the norm for the homeowner to just give up.

The system is terribly weighed down by the foreclosure crisis. The banks are not following the law, which makes matters worse. I assume the trial judges rightfully believe people facing foreclosure will simply go away if they are denied access to justice. These rulings further delay justice and justice delayed is justice denied. This is true most of the time, but not for my clients. We are going to fight down to the bitter end and obtain the justice our clients deserve!

It didn't take long for the Rick "Let's get back to work" Scott to show his real colors. Yesterday he rolled out his budget which calls for the slashing of monies earmarked for education, justice and the department of corrections.

Along the way, he plans on firing nearly nine thousand employees, many of whom are teachers. In exchange, he fattened the budget for the Governor's office and lowered taxes for big business. And nobody saw this coming?????

The bright side is that we will have dumber criminals while we change the State's name from Florida to Allstate.

Click on the following link to read more on What Gov. Scott's proposed budget cuts means for education in Florida.

A Palm Beach Couple is breathing a sigh of relief due to a foreclosure reprieve. This was largely due to the courtroom success of foreclosure defense attorney Audra Simovitch, in convincing a judge that the couple was entitled to this because of improper service. The judge in the case agreed preliminarily that they were never properly served with a foreclosure summons.

Audra Simovitch, Esq. stated the following to the Palm Beach Post:
“The banks are cutting every corner possible, There was not proper due process.”

The bank's representative carelessly attached a flier attached to the couple's door without any information such as name, address, or person served. This is not the way that a home is foreclosed upon and the bank should know better.

The March 14th sale date of the couple's home will be delayed until a further trial where the bank must prove that they followed the law and the foreclosure process rules.

Everyday, our Palm Beach Gardens Foreclosure Defense team fights against injustice and for the rights of the foreclosure victims. The banks such as Bank of America, J.P. Morgan Chase, GMAC and several others try and get away with robbery by illegally handling foreclosure claims and sales. The banks are facing billions in litigation fees and fines for their fraudulent practices.

If a person is facing the threat of foreclosure, they should seek the assistance of an experienced foreclosure defense team. There are several options out there for homeowners. Seek help before it is too late. Don't allow the banks to steal your home, stand up and fight.

Click on the following link to read more on the foreclosure reprieve:
Couple wins foreclosure reprieve - Palm Beach Post