According to MPR News, John Chun refinanced his house in 2006 at an adjustable rate, without realizing that the rate was adjustable. This resulted in an increase in mortgage payments to the point where the Chuns couldn’t keep up with their payments and are now in court fighting a foreclosure.
The MSNBC news about the Cascos is similar, the only difference being they took a trial modification program with their lender recently, and the bank foreclosed on them after deciding the smaller payments were not enough. The couple claims they never missed a payment.
In some of our previous blogs we mentioned that the real estate sector is showing signs of recovery and the number of foreclosures this year is significantly lower than last year. Stories such as that of John Chun, and William and Esperanza Casco, indicate that there are many struggling homeowners out there still fighting foreclosure.
The major point of concern in such stories is that the homeowners were not behind on their payments. The foreclosures were caused by what can arguably be stated as the banks not living up to their promises. Another reason we can point out is that the homeowners were not clear about the terms and conditions of the modification or refinance agreements they were signing.
This is where legal representation comes in. We have previously discussed the importance of not signing any documents that you haven’t read and that have not been explained to you. However, if you have signed such a document and are facing foreclosure, all is not lost. Several homeowners have successfully taken lenders to court and have won the battle to save their home. You can do the same.
The foreclosure defense attorneys and loan modification attorneys at Amerihope Alliance legal Services have already helped many homeowners keep their homes, and we can do the same for you. If a really attractive loan modification or refinance opportunity presents itself, do not act without understanding each and every detail in the fine print.
If you need legal advice, we are offering free consultations. Feel free to contact us. We are looking forward to your feedback.