The state's top prosecutor does not mince words. The Florida Attorney General's Economic Crimes Division labels its findings into the actions of the foreclosure industry "Unfair, Deceptive and Unconscionable Acts in Foreclosure Cases."
The tide is turning in favor of homeowners. If you are looking for help stopping foreclosure in Miami, or you wish to fight back against a deficiency judgment or other bank action, now is the time to consult a Miami foreclosure defense lawyer about protecting your rights. In some case you may even be entitled to a monetary settlement or the return of your property.
Since criminal investigations began in all 50 states, law firms for banks have begun withdrawing documents in foreclosure cases -- documents defense attorneys in some cases claim were simply invented to prove bank ownership or foreclosure rights -- and banks have suspended foreclosure cases in some areas. And while the delinquency rate has increased through the downturn, from about 4 percent to 10 percent, the foreclosure rate has increased even faster, from 5 percent to almost 15 percent as banks are accused of playing fast and loose with the facts.
In Lee County Florida, one in 96 homes are now in foreclosure. All of South Florida has high foreclosure rates, joining areas of Arizona, Nevada and California as the most troubled areas in the nation.
As we wrote previously on our Miami Foreclosure Lawyer Blog, at issue is how banks tracked the sale and movement of electronic mortgages. The electronic mortgage system essentially tossed aside the paper mortgages and, in some cases, sold and resold mortgages until ownership is no longer certain. Banks then employed law firms, robosigners and other tactics to quickly foreclose on properties where ownership may have been questionable at best.
This is the first in a series of blogs on the Attorney Generals' report. Check back often for more information.