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.
If you’re in a fight tosave your home in Miami or the surrounding areas, contact Jacobs Keeley for a confidential appointment to discuss your rights. Call (305) 358-7991.