posted on Aug, 1 2011 @ 02:22 PM
reply to post by romanmel
Banks will bully and try to foreclose, but it takes very minimal effort to stop them in their tracks. Attorneys in Florida have completely stopped
all foreclosure proceedings. Many banks, like Bank of America have stopped all foreclosure actions while they await some legislative help, because
their current paperwork is insufficient to proceed. I attended a Mediation hearing for my brother over a year ago, and the bank sent a flunkie that
was unprepared and not trusted with any decision making authority. The hearing officer was appalled, didn't take any action, gave me some advice for
fighting the bank if they try to pursue any further action, and the bank has not contacted him a single time since the mediation.
It isn't bravado, it is fact. The vast majority of mortgages are legally insufficient for foreclosure purposes, and just exercising your right to
mediation and/or hearing is enough to stop the banks from pursuing anything.
I know at least 3 attorneys that are still undefeated since 2007 in foreclosure hearings. I know people that have been renting their homes out for
over 3 years without making a mortgage payment. They are putting the money into escrow, and when the bank finally decides to settle, they will pursue
a short-sale agreement, and use the escrow money to buy down the debt and reaffirm, or in some cases, possibly pay cash for their own properties!!
Like I said, it is the perfect time to stick it to the banks!
Also, call the State Bar in your area. They are making attorney referrals, sometimes at no cost whatsoever. I have attended several bar meetings in
Florida, and the mortgage crisis is always at the top of the agenda and the attorneys are loving it. The banks are powerless until they get some
Federal legislative help. The Robo signatures, digital notaries, loss of original paperwork, and bundling of mortgages into REIT has made it
impossible to foreclose.
It only works if you exercise your rights though. Don't take the banks word for it!!
edit on 1-8-2011 by getreadyalready because: (no reason