Miami Foreclosure Watch: Don't Let Banks Off the Hook

April 11, 2012

Most people battling a Miami foreclosure don't have the ability to simply sign a massive check to save their home. checkbook.jpg

Just because the banks do have that ability, our Miami foreclosure attorneys know it doesn't mean they should automatically be forgiven of the deceptive and illegal practices that led so many homeowners into this expensive quagmire.

What we're namely referring to is the $26 billion settlement that was reached by five major banks - JPMorgan Chase, Bank of America, Citigroup, Wells Fargo and Ally - and attorneys general from 49 states, including Florida. This settlement was intended as a peace offering of sorts, although, as we've previously written in our Miami Foreclosure Lawyer Blog, it amounts to little more than hanging up curtains at the home of a hoarder. It barely scratches the surface of the greater problems, and is really a drop in the bucket for the profit these institutions are known to rake in.

That being said, one thing the settlement thankfully didn't do was prevent future criminal investigations and prosecutions as well as civil cases to be brought to court on behalf of individuals.

Let's consider the following facts that have recently been revealed:

These banks made it the industry standard to sell loans to buyers who were unqualified. These loans became toxic investments, which they then sold to unsuspecting buyers. When the mess hit the fan in 2008 and all those homeowners could no longer keep up on their payments, these banking giants engaged in robo-signing techniques and document fabrications that allowed them to foreclose on homes, even when they couldn't prove they owned it.

According to a recent report by the U.S. Department of Housing and Urban Development, although it has been the banks' practice to blame low-level employees for all of this, they can't say that anymore.

In reality, the banks even gave high-level titles to low-level workers to make it seem as if they were actually qualified to sign all the thousands of legal documents they generated that were never checked for accuracy. Even on records that specifically certified that the signatures belonged to those who had personal knowledge of certain facts - it's been proven that wasn't true. In some cases, records were notarized by individuals who never actually saw the signatures being put to paper. At one bank, a manager in the foreclosure department attested to the fact that there were some 10,000 affidavits signed every single month that were never properly reviewed.

Perhaps even more infuriating, these practices continued even after the robo-signing debacle became known to the public.

Such actions demonstrate the brazen nature of these financial institutions to act unethically, and sometimes illegally, especially when they think that they can simply write out a check to make it Ok.

It also shows what you are up against if you are struggling with a Miami foreclosure. That's why it is so critical that you contact a Miami foreclosure attorney who has had experience in dealing with these institutions and who can fight for your interests through ever step of what is a complex process.

If you're battling foreclosure in Miami or the surrounding areas, contact Jacobs|Keeley for a confidential appointment to discuss your rights. Call (305) 358-7991.

Additional Resources:
Banks' foreclosure deceptions go deep, Editorial, The Tampa Bay Times

More Blog Entries:
Whistleblower: Bank Defrauded Taxpayers, March 14, 2012, Miami Foreclosure Lawyers Blog