As a natural progression of the foreclosure crisis, mass lawsuits against mortgage lenders have increased significantly in the last year. And just as with the advent of loan modification companies and foreclosure fraud attorneys, many disreputable parties are often the first to reach out to people and offer deals that are scams. Homeowners looking for mortgage solutions should educate themselves on are what are and are not appropriate recourses and how to know if a foreclosure program is in fact professional, honest, and working in your best interest.
Here are some warning signs homeowners need to be very wary of:
- National litigation. Proper foreclosure defense must be practiced by a lawyer who is barred in their client’s state. The Better Business Bureau has been listing numerous scam alerts from companies such as “Capital Debt Management” or the “Mass Litigation Alliance” that often do not offer any information about what lawyers are working with this lawsuit. It is typically illegal for non-law firms to collect fees for legal work in this manner.
- Multiple Names/Websites. An unusual and very alarming hallmark of many of the latest mass litigation offers has been that these marketing networks have created dozens of websites and companies with vague names and locations that ultimately are coming from the same sources. Again, real, qualified foreclosure attorneys must operate in the open with a good-standing with their state bar. Carefully research any offer and compare it to others.
- Guarantee of Results. Law firms, as a rule, cannot guarantee results. This is particularly true with the new mortgage lender mass lawsuits, none of which have yet to fully settle because of their relative youth. These lawsuits can take years and results are likely to vary greatly for participants. Anyone promising a principal reduction or monetary damages for joining a suit should not be trusted.
Fortunately, more and more reliable foreclosure attorneys are offering mass joinders based on their reputations and dedication to their clients.
One such effort is a mass joinder that will be filed by Lee Friedland of Friedland and Associates, along with Gregory Nordt of Amerihope Alliance Legal Services. Homeowners across Florida are signing up for an opportunity to once and for all settle their mortgage difficulties where negotiations and foreclosure defense did not succeed.
Unlike the grifters behind the “Mass Litigation Alliance,” attorneys such as Mr. Nordt & Mr. Friedland do not hide behind multiple names and misleading websites, or advertise to litigate in states they cannot legally practice law in. On the contrary, like most good litigators, this lawsuit is rooted in practices based in helping Florida homeowners with the latest know-how of our state’s tricky foreclosure proceedings.
What’s more, not only does this joinder lawsuit cost thousands less than many of the sneaky offers seen lately, joinder participants also receive foreclosure defense and help with loan modifications, depending on their goal as a distressed homeowner.
While there are a number of requirements to join one of these lawsuits depending on a borrower’s situation, the best time to sign up is now before the suit has been official filed – so contact us today to get a free homeowner consultation to see if you can sue your lender!