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.
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.