If only so many loan modifications weren’t necessary! In a mortgage crisis with deceptive lenders, out-of-control securitization, and apathetic regulators, we’ve experienced what a tough, confusing place this is for most homeowners. This breach of trust is a tremendous problem for borrowers looking to save their homes, which is an issue our attorney, Greg Nordt, recently decried in an article posted on Scottrade and elsewhere:
“Where are the articles, the features, the dialogue about those truly advocating on behalf of homeowners facing foreclosure?”
Indeed, part of what makes our millennial achievement remarkable is that it is one of the few ways to truly measure the effectiveness of a foreclosure defense law firm. In Florida and elsewhere, there are thousands of homeowners who have been duped by loan modification companies and lawyers who did not have the intent or proper experience to effectively advocate for their clients. Anyone having been burnt once by banks pitching sub-prime mortgages and exploding adjustable rate mortgages need to take great care not fall into another trap. This can best be accomplished by researching lawyers’ bar standing, checking law firms for successful case results, and looking for complaints on sites such as the Better Business Bureau.
The feature also highlighted a phenomenon increasing in our practice and elsewhere: principal reductions. Our 3,000th successful modification, in fact, not only nearly halved the homeowner’s monthly payments, but also resulted in a $50,363.32 principal forgiveness! While it is not always possible for every borrower, many lenders, in this case One West, have been offering significant principal reductions contingent on new payments being made on time.
Lastly, the main message to take from our celebration is a familiar refrain: Struggling homeowners must seek out a qualified foreclosure defense attorney. Mortgage companies and government regulators are getting fatter than ever preying on borrowers who thought they could trust the system, or that they could save themselves. Those serious about saving their homes need to consult with experienced foreclosure professionals and find an affordable attorney that they can trust to properly advocate on their behalf.