Miami Foreclosure Lawyer Blog

Head prosecutors in Illinois, California, Utah and Connecticut have made new demands in their probes into foreclosure practices by banks and the mortgage-servicing industry, Bloomberg reports.

This is an encouraging step for those facing foreclosure. It is important for the government to do all it can to investigate the wrongs of the lenders, mortgage servicers and others who have taken people's homes without due process. If you are facing foreclosure and want to fight back, contact an experienced Miami Foreclosure Attorney.

According to Bloomberg, the attorneys general have subpoenaed processing servicers and other companies that worked on behalf of the country's largest lenders and financial institutions. Many are accused of robo-signing, the process of rubber-stamping documents with signatures without actually looking over the documents. In some cases the documents were forged.

The announcements come after attorneys general met with representatives from the five largest U.S. banks. It's possible the banks could face $17 billion in claims if these investigations turn into civil lawsuits.

Florida is one of the state's fighting the banks, lenders and mortgage servicers that have filed robo-signed paperwork and incorrect paperwork on homeowner's foreclosure cases. There could be thousands of fake documents in Florida alone.

According to the Mortgage Bankers Association, 24 percent of all mortgages in the country that are in foreclosure are in Florida and 23 percent of the loans in Florida are anywhere from one payment past due to in foreclosure.

That's why you should fight foreclosure in Miami if you are in this position. Dealing with banks that have filed improper documentation with the court creates a position of strength for homeowners. And these errors should be exposed and used to help struggling families.

Fighting back is sometimes the best chance a homeowner has for saving the property from foreclosure. And "deficiency judgments," where banks are able to get a court order for the remaining balance owed on a home, can be devastating to a family. Don't just sit back and let the bank take your house. And don't try to go into court against a team of attorneys on your own. Hire a law firm that is dedicated to helping homeowners get the best resolution possible.

A properly defended foreclosure case can provide many benefits to homeowners, including:

• Allowing them to live in their home during the fight.
• Allowing them to collect rent from investment properties.
• Securing a loan modification that brings the principal balance on the loan to the current market value of the home.
• Avoiding a deficiency judgment.
• Discover facts that will force the bank to settle on more favorable terms.

  Continue reading "States' Attorneys General Continue Assault On Miami Foreclosure Process" »

Pro Publica recently reported a disturbing trend: banks, lenders and loan modification servicers hiding in small print of contracts that borrowers can't sue.

This new trend puts the average homeowner in a precarious position. Do they risk losing their house if their loan isn't modified or risk not being able to sue down the road if the company messes up paperwork or otherwise wrongs them? Before you sign a loan modification agreement in Miami, consult with a Miami foreclosure lawyer.

Regulators have banned the practice, but some have continued using the language in their contracts, the article states. Mortgage servicers -- the companies that handle mortgage payments and evaluate whether to modify a loan or file foreclosure papers -- have faced investigations in all 50 states. Criminal investigation. Many have alleged fraud, forgery and other wrongdoing. In many, many cases the rights of the homeowners have not even entered the picture.

The report suggests that such waiver clauses declined in 2009 after the Obama administration launched its mortgage modification program, which forbids the practice for government-sponsored loan modifications. But many modifications have been done without using the program, leaving companies able to add it into contracts.

This is another example of lenders and financial institutions trying to pull one over on the homeowner. After many problems with mortgage servicers' inaccurate and untruthful practices, banks are now forcing borrowers to concede their rights. In any contract, there can be areas that weren't written properly that can infringe on your rights. To say you can't use the court system to remedy the injustices is a travesty.

You may need to consider real estate litigation in Miami for a variety of reasons, including errors in your loan paperwork, an illegal foreclosure or issues with mortgage servicers.

It can be frustrating to embark on the loan modification process because banks are often unwilling to help you stay in your house. To fight foreclosure, use the problems the banks are having with robo-signing, lost paperwork and fake documents to launch a counter-attack to expose the lender's weaknesses in a foreclosure proceeding.

Get an attorney. Negotiate from Strength.

Continue reading "Banks Use Fine Print in Miami Loan Modifications to Limit Your Right to Sue" »

St. Louis Fed Vice President David Wheelock noted in a 2008 article that Miami foreclosure homeowners can learn some lessons from how the country's forefathers handled such a crisis during the Great Depression.

Miami foreclosure attorneys understand that dealing with a foreclosure on your house, your business or other properties can be stressful, frustrating and depressing. So don't go about it alone and don't let the banks win. Consult with a team of attorneys with years of experience with the financial sector and the complex foreclosure process.

The article discusses how the 2008 residential real estate foreclosure rates, which were at the highest levels since the Great Depression, caused policymakers to take action to limit foreclosures. During the Great Depression, lawmakers created new federal agencies to refinance delinquent mortgages, insure and finance newly issued mortgages and expand federal farm credit programs. Many state governments halted foreclosures, limited deficiency judgments and enhanced the rights of borrowers to redeem foreclosed property.

The Home Owners' Loan Corporation was established in 1933 to refinance $1 million in delinquent mortgages during the Great Depression. The Federal Home Loan Bank System was created to mobilize funds for home lending and Fannie Mae was created to purchase Federal Housing Administration-insured homes.

Similarly, in 2008, the federal government took action. Only this time, so much of the help was aimed at banks, not homeowners. President George W. Bush signed the Housing and Economic Recovery Act, which included, among other things, a $300 billion increase in Federal Housing Administration loan guarantees to encourage lenders to refinance delinquent home mortgages. Also in 2008, Bush signed into law the Emergency Economic Stabilization Act of 2008, which authorized the U.S. Treasury to make capital injections into banks.

But during the Great Depression, foreclosure moratoria went into place in 27 states. Although they can benefit some borrowers and temporarily reduce foreclosures, critics argue they reduce the supply of loans and increase costs for future borrowers, Wheelock wrote.

In reality, few banks have gone to much trouble when it comes to helping homeowners. Those looking to stop foreclosure in Miami should not expect to be treated fairly by their bank or mortgage company. Consulting a real estate defense lawyer in Miami is your best bet for protecting your rights and the financial well-being of you and your family.

In 2009, California put on a temporary freeze on foreclosure filings. And in 2010 as states' attorney generals investigated shoddy bank paperwork and looked into the possibility of foreclosure stoppages, President Barack Obama said he supported such an action, but not a broad, nationwide foreclosure stoppage. Many banks took action themselves, stopping foreclosure filings because of false documentation and unauthorized signing of documents by servers and law firms. In Florida, many banks still haven't continued filing foreclosure proceedings at the rate they had in the last few years.

Far from a move to help homeowners, banks are simply covering their behinds and have returned to filing foreclosures as rapidly as possible as soon as they feel the coast is clear.

A good offense is often a good defense and that's also true in the foreclosure process. Loan modifications and short sales aren't the only strategies to fighting Florida foreclosures. Banks and financial institutions are dealing with many issues regarding the sloppy processing of foreclosure documents and their use of law firms that used thousands of fake "robo-signers" and forged documents. If you're in the middle of a foreclosure fight, those errors can be be put to work for you.

Negotiate from Strength.

Continue reading "Great Depression Provides Lessons for Miami Mortgage Foreclosures" »

The big-four banks: Bank of America, JPMorgan Chase, Citigroup and Wells Fargo spent billions in the courtroom fighting foreclosures, securities infringements and overcharges, HousingWire.com reports.

As previously discussed by Miami Foreclosure Lawyer Blog, banks are often incorrect in something as basic as how much a homeowner owes on their house. Last month, 14 mortgage servicers were forced to establish new foreclosure processes after a federal investigation into misconduct. All this disturbing news in the world of foreclosures means you need to hire a Miami Foreclosure Attorney who understands how to protect your rights. In some cases, stopping foreclosure in Miami may be possible, in other cases the best course of action may be protecting you from a deficiency judgment or giving you time to live rent free in your home while preparing for a new beginning.

The major issue large banks are trying to deal with are issues with their mortgage servicing departments. The banks will likely face millions in compliance costs and potentially billions in penalties from the scandal, the website predicts.

In regulatory filings, Bank of America announced it spent $940 million in litigation, while JPMorgan Chase spent $1.1 billion. Citigroup and Wells Fargo reported their litigation expenses less directly, but both combined to spend billions on attorneys.

All the spending shows that banks are having problems with foreclosure filings, which means you need to fight back if your Miami home is in foreclosure. Loan modifications and short sales are not the only strategies to stop foreclosure in Florida. Whether you want to save your home or protect your credit, your best strategy is to negotiate from a position of strength.

Rather than ask for loan modifications from banks who have lost paperwork and offered false promises, Bruce Jacobs and Associates launches a comprehensive counter-attack to expose weaknesses in the lender's ability to foreclose. Don't lie down for the banks. Let them spend billions on these cases. Have an experienced Miami foreclosure lawyer by your side to fight back.

Continue reading "Banks Spending Billions to Fight Your Florida Foreclosure Case" »

If you owe more than your home is worth, you're not alone. According to a recent report by Bloomberg, more than 28 percent of U.S. homeowners with a mortgage are underwater as first quarter values fell the most since 2008.

Miami Foreclosure Defense Attorney Bruce Jacobs is a member of "Max Gardner's Army," a group of nationwide defense attorneys sharing cutting-edge strategies and information in real time. Our firm is dedicated to assisting you if you've fallen prey to the predatory lending practices that have plagued thousands of struggling Miami homeowners or if you're staring foreclosure in the face because of unemployment or illnesses.

According to Seattle-based Zillow, homeowners with negative equity jumped from 22 percent a year earlier as home prices slumped 8.2 percent over the last 12 months. Zillow predicts home prices could fall as much as 9 percent in 2011 as unemployment rose to 9 percent in April.

At the same time, foreclosures fell to the lowest level in three years in the first quarter as lenders worked through a backlog of flawed paperwork, according to RealtyTrac Inc., an Irvine, California- based real estate information service. Foreclosure filings are likely to jump 20 percent this year, reaching a peak for the housing crisis, RealtyTrac predicted in January. Filings continue to be delayed because of fraudulent paperwork filed by banks. The tide is turning in favor of the homeowner fighting to stop foreclosure in Miami.

Fighting a foreclosure in Florida could not save you house and help protect your finances in the future. These problems in bank documentation give Bruce Jacobs and Associates the opportunity to use the law to the homeowner's advantage. It's possible to avoid a deficiency judgment with the right kind of representation.

While saving your home may seem hopeless, don't give up. Consult with an experienced Miami foreclosure lawyer before laying down for your bank or lending institution. It may not only save your house, but may preserve your future.

Negotiate from Strength!

Continue reading "Underwater Homeowners Increase to 28 Percent in Florida, U.S." »