These days, you can’t pick up the paper without reading about another financial institution temporarily suspending foreclosures to review its internal procedures. GMAC, JP Morgan Chase, and Bank of America are just a few examples worth mentioning. You may be wondering “what does that mean to me”? If you’ve been following any of my writing over the past few months, I’ve been suggesting that simply “walking away” or filing an “alternative deed” for foreclosure or abandonment of property is not in the property owner’s best interest.
What happened sooner than expected was a ‘stop’ or ‘slow down’ issues by some of the major lenders as they sought to review their foreclosure procedures. Even more surprisingly, the lenders acknowledged what several foreclosure defense attorneys had said months ago –The proceedings and documents are defective and/or fraudulent and infringe the “property owners’ due process rights.” As a result, it is clear that these foreclosure actions and/or provisions should not be allowed to proceed or remain in effect because the basis for these issues is weak at best.
The weight and influence of this argument has finally taken hold. But, does this mean the end of foreclosures? No, what this means is that we are entering a stage where loan modifications And short sales He will finally take on a new, meaningful role. Lenders seem to understand the risks of relying on faulty (possibly forged) documents. This recognition should now lay the groundwork for serious loan adjustments and short sale negotiations. I think lenders will consider, carefully, very cautiously, but I dare say “realistically”, to actually enter into negotiations where “basic reduction” and “waiver of deficiencies” will be part of the conversation.
In this new environment, competent and experienced negotiators will make the difference as you look for long-term modifications and short sales as you sell the property and you don’t need to put up with years of fear about the possibility of being sued for the shortage.
As the foreclosure landscape shifts and lenders now seem more willing to negotiate “in good faith,” the Reyes Law Group team is able to bring over 22 years of experience, expertise and passion to advocate for foreclosure proceedings or negotiate with lenders for loan modification or short sale approval. I have said in previous writings that real and timely settlement talks can lead to a fair and reasonable outcome. Today, more than ever, a . is called defense comment An attorney who understands the process and objective can help you litigate aggressively, negotiate a loan modification and/or successfully close a short sale deal. In the end, you deserve a passionate voice to help you Defend your property and protect your rights!