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Hollywood, FL (Profitable.com) We all know the obvious consequences of facing foreclosure. Losing a home, facing a deficiency judgment for the difference between the value of the home and the amount of the mortgage, and dealing with damaged credit are a few; but unfortunately there is so much more associated with this process than just finances. Emotionally, losing a home can be extremely difficult. Often times, people build up an array of dreams composed of all the good things they expect to happen in their home as they grow older. Feeling hopeless as one seemingly watches those hopes and dreams slowly slip away only adds to the emotional loss. Couple the financial and emotional loss with the newly released scientific research that reveals a rise in stress related physical ailments discussed in a recent New York Times article titled “Foreclosures are Killing Us,” and it’s easy to see that foreclosure is not something to be taken lightly. However, Rosen & Rosen is releasing information about a strategy that can help give homeowner’s options.
There have been several stories in the news about so called loan modification experts who will either do nothing but take a person’s money in exchange for a slew of ‘too good to be true’ promises, or who will, possibly in good faith but still unwisely so, submit a person’s private financial information to a bank numerous times hoping the bank will respond to a plea for help. The National Fair Housing Alliance (NFHA), a consortium of 220 private, non-profit fair housing organizations recently found that the loan modification industry is “rife with corrupt practices.” The FDIC has even published a booklet about foreclosure rescue and loan modification scams subtitled “If It’s Too Good to be True, It Probably Is.” Also, according to the Florida Bar “complaints are pouring”, “with four times more cases pending…” as a result of foreclosure fraud by lenders’, servicers’ and supposedly pro-borrowers’ attorneys. The overwhelming and “near universal agreement that the [federal government’s loan modification] program has failed to meet its goals, as stated by the Neil Barofsky, Special Inspector General for the Troubled Asset Relief Program, only serves to highlight the fact that an approach which relies solely on corresponding with banks to ask for a modification is unfortunately rarely feasible. Moreover, attorney Evan M. Rosen from Rosen & Rosen advises his clients that divulging their financial history is not only irrelevant to any legal issue at hand but it is also typically not in one’s best interest to do so. The larger concern, as Mr. Rosen states, is that servicers’ repeated requests for financial information under the guise of a loan modification might instead just be a fishing expedition to see if there are any assets which would be recoverable in a deficiency.
However, there is hope. Thanks to a handful of highly trained, extremely hard-working and dedicated litigation lawyers, Rosen & Rosen wants homeowners to know that they can fight back and with very fair fee structures, they can do so for far less than one might think. Lawyers like those at Rosen & Rosen and others are seizing upon the opportunity left behind as a by-product of the banks’ rush to profit both when these mortgages were formed and now as they are falling apart. Through the application of leverage resulting from numerous legitimate legal and ethical defenses, while simultaneously educating the lender how they would be far better off in a workout than they will be post foreclosure; with one of these highly trained professionals, a person has a chance to substantially alter their circumstances. It can be a new day in court for homeowners armed with the right representation. However, it is important to thoroughly review a lawyers credentials before before jumping in with anyone.
Foreclosure defense and all its inter-related topics are part of a burgeoning new area of law. In addition to exploring all possible legal defenses and counterclaims that can be used in protecting a home, there are also several alternative actions a well-trained attorney can help with in order to possibly eliminate liability to the bank and/or prevent them from obtaining a deficiency judgment.
Be sure to ask for a lawyer’s credentials before signing up, see if they offer a free consultation and during that consultation ask questions to make sure they are well versed in real estate law, bankruptcy, civil procedure and all of the various state and federal consumer protection statutes. With the forthright, aggressive and well-informed approach from a true legal professional, a homeowner has a greater chance of saving their home, getting their finances in order, and getting back on track to reclaiming a piece of the American dream!
For more information on Foreclosure Defense, Debt Defense, Bankruptcy and more, please contact the author Evan M. Rosen at erosen(at)rosenandrosen(dot)com, or (954)981-1852. Rosen & Rosen has been designated a debt relief agency under Federal law. In addition to other legal services, they help people file for bankruptcy relief under the Bankruptcy Code.