Foreclosure defense lawyers in Miami and elsewhere have been pointing for years to instances of fraud and other questionable practices employed by banks and mortgage companies. Too often, homeowners looking to stop foreclosure in Miami are simply victimized again by a Wall Street mentality that consistently puts profits — at nearly all costs — before the welfare of people.
Now CNN Money reports regulators have taken notice. We hesitate to break out the balloons and party poppers. We think for the foreseeable future, hiring an experienced Miami foreclosure defense attorneys will remain your best bet for protecting your rights and the long-term financial well-being of you and your family.
Simply put, banks are foreclosing on salvageable mortgages because there are billions of dollars to be made. As we reported recently on our Miami Foreclosure Lawyer Blog, the next shoe to drop will be deficiency judgments. Banks have 5 years from foreclosure to file a notice of their intent to pursue a homeowner for the difference between the amount of a loan and what the property brought at foreclosure sale. And banks have 20 years to collect. This is true even in short sales, unless a homeowners specifically negotiated the issue as part of the contract.
The fact that criminal investigations into the behavior of banks are now under way in all 50 states should give homeowners pause when thinking about attempting to negotiate the process without legal help. If not, perhaps a look at the settlement proposal being considered to settle those investigations will. Banks are being told by the top law enforcement officer in each state things like: “sworn statements shall not contain information that is false or unsubstantiated.”
Banks countered by saying, essentially, their actions would not be considered perjury if they make a reasonable effort not to lie under oath — or if the bank does not consider the lie to be important.
Many of these state investigations amount to little more than political posturing anyway. Now four years into this crisis, we certainly would not suggest counting on the politicians to come to the rescue of struggling middle-class families anytime soon. What banks know and respect is the prospect of litigation with a mortgage foreclosure defense lawyer who understand how to hold them accountable.
Bruce Jacobs is part of “Max Gardner’s Army,” a nationwide group of foreclosure defense lawyers who are sharing the latest legal strategies and information in real time. In each case, the group seeks a permanent loan modification, avoidance of a deficiency judgment, or other remedy that is in the best interest of the homeowner.
Thus far the banks have not been willing to sign anything that would make them accountable for the actions of their employees. Little wonder, since they contracted out much of the dirty work of foreclosures, which resulted in tens of thousands of fake mortgage documents being signed by minimum wage workers. One such robosigning operation was working out of a vacant strip mall in Georgia and was captured by 60 Minutes.
If you are dealing with an underwater mortgage or looking for help for homeowners in Miami, turn to an experienced law firm. Don’t turn to the same bankers who made billions in bonuses creating the mess in the first place.
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 Jacobs Legal for a confidential appointment to discuss your rights. Call (305) 358-7991.