Facing foreclosure? Blame the banks say florida foreclosure defense teams
Why are Florida foreclosures so high yet banks do not have to pay for their mistakes?
The same banks that we turned to for mortgage loans were complicit in aiding the current real estate crisis by inflating real estate values, committing aggressive lending practices, and more. Once they had a large enough pile of bad mortgages, they bundled them and sold them to investor groups with false claims about their true value. Often the sale was completed quickly and without following proper procedures, so the investors received a bunch of mortgages and no one truly knows who owns the loan.
Unfortunately, these are the same banks that were deemed ‘too big to fail’ and taxpayers bailed them out and ended up getting kicked on the wrong end. Once the job market and the economy tanked, overextended homeowners quickly felt the pinch but the banks turned a blind eye to their plight despite having pocketed taxpayer money.
How Banks Continue to Defraud Homeowners According to Florida Defense Attorneys
The federal government recently slapped banks with a fine (who ever checks if they pay it?) and a severe warning requiring them to improve their servicing of mortgages held by struggling homeowners. The banks have responded using new predatory tactics, including these popular schemes:
- Temporary loan modifications – once seen as a quick fix to a temporary situation by homeowners, allowed lenders to further earn profits. This ‘solution’ worked by adding fees on to the end of the loan and extending the term of the loan. In many cases, the lump sum payments required at the end of the trial period often drove already struggling homeowners even faster into foreclosure.
- Predatory mortgage servicing – this comes from the same abusive, unfair, deceptive, and fraudulent practices used to push homeowners into loans they could not afford in the first place. It involves a range of mortgage servicing abuses by unscrupulous banks who aggressively interpret mortgage documents to add additional fees to a borrower’s mortgage account. Often these fees create a situation that causes the homeowner to fail their mortgage terms, allowing the bank to unfairly foreclose.
Other schemes involve losing payments, failing to record payments, and more. At a time when homeownership rates and real property values are threatened, the fact that banks continue these deceptive practices is bad faith. Foreclosure defense teams stand ready to help struggling or threatened homeowners.
Banks Continue to Participate in Mortgage Servicing Fraud
There are literally, hundreds of thousands of homeowners who were supposed to get permanent loan modifications or help getting safely out from under their mortgage debt according to the Making Home Affordable Act. Sadly, many of those who have had their homes foreclosed realized too late that the banks were playing the same games with people’s lives that they did before the crises occurred.
A Florida foreclosure defense team can help – get in touch today and start fighting foreclosure with the support of the law behind you. Their tactics are too hidden and too sneaky to figure this out on your own and you need someone in your corner defending your rights.
Whatever your mortgage trouble may be, getting the right advice and legal counsel can help. There are options to stop foreclosure with a Florida foreclosure defense attorney. For a no cost, no obligation consultation and review of your case call a Legal Help Group professional right now at (877) 304-9404, or fill out the “contact me” form to connect with a Florida foreclosure defense attorney.