The foreclosure chaos became a full-blown crisis late last week when Bank of America announced it was halting foreclosures nationwide in the wake of allegations that banks and their attorneys have been processing tens of thousands of foreclosures a month without adequately verifying ownership or the accuracy of other court paperwork.
South Florida residents who have lost homes to foreclosures should consult a Miami foreclosure lawyer about their options. In some cases, you may be able to negotiate release from any deficiency judgment. In other cases, you may be able to win a cash settlement or even make a claim for the return of your property. Struggling homeowners looking for help stopping foreclosure in Miami should consult an experienced attorney right away. Recent developments dramatically improve your chances of winning a favorable outcome from banks that have been uncooperative for far too long.
MSNBC reported that Bank of America is the first bank to halt foreclosures nationwide, although PNC Financial Services Group Inc. and GMAC announced moratoriums that included Florida and many other states.
A spokesman for Bank of America also said the average foreclosed borrower had not made a payment for 18 months by the time a foreclosure was finalized. The halt to foreclosure actions is bound to increase that backlog, providing struggling homeowners who fight foreclosure with even more time to rebuild the family’s finances.
Meanwhile, the Senate Banking Committee has announced it will hold hearings next month to look into whether some of the nation’s largest lenders have improperly foreclosed on struggling borrowers.
“American families should not have to worry about losing their homes to sloppy bureaucratic mismanagement or fraud,” said panel Chairman Christopher Dodd.
If you need help with foreclosure issues in Miami or the surrounding areas, including short sales, deficiency judgments, strategic defaults or other help for Miami homeowners, contact our South Florida foreclosure defense lawyers for a confidential appointment to discuss your rights. Call (305) 350-5055.