Mortgage Companies Deceive Brevard County Homeowners into Foreclosure
Posted on Aug 14, 2010 8:48am PDT
Over the last few years, many thousands of Melbourne Florida homeowners have contacted their mortgage companies to work out mortgage modifications to reduce payments on their homes. The Melbourne Florida Foreclosure Attorney at the Bowin Law Group has counseled many of these homeowners and has heard the same troubling story about the wreckless and deceptive advice the homeowners are getting from their banks. Each of the of the homeowners ended up in foreclosure as a result following the mortgage companies' wreckless advice.
Many of these homeonwers were current on their mortgage at the time they contacted their banks to negotiate a modification. In most cases, the mortgage company instructs the homeowners to miss their mortgage payments, stating that the bank cannot help the homeowners while the homeowners are current on their mortgage payments. Following the mortgage companies' advice, the homeowners miss their payments, then contact the bank for a modification. The homeowners are then required to fill out modification paperwork and send the paperwork to the bank for review. Each time the homeowner calls to ask about the status of the modification, the homeowner has to speak with a different representative that has no record of the homeowners' last call and has no information about the status of the modification. The homeowners are then told that the bank has not received the modifcation paperwork, and the homeowner is required to send more documents into the bank.
Finally, after months of hanging in limbo with no answers from the bank, the homeowner might get approved for a "temporary modification", which the bank says will become permanent if the homeowner makes the monthly payments required under the temporary modification. The homeowner makes the temporary payments, but is ultimately denied for a permanent modification. The bank then files a foreclosure action to take the home, and the bank uses the "temporary modification" payment to pay their foreclosure costs.
The Melbourne Foreclosure Attorney at the Bowin Law Group has heard this scenario too many times. The banks' actions are nothing short of wreckless and possibly fraudulent. In summary, the bank convinces you to miss your payment and puts you in default,
then gets you to pay for your own foreclosure through temporary modification payments.
What other industry could get away with such actions?
But the deception doesn't stop there. Once the homeowners are served with their foreclosure summons, they call their bank to find out why they are being foreclosed on. After all, the homeowner has done everything the bank has asked them to do. The banks then give some of their most dangerous advice yet. The bank tells the homeowner not to respond to the foreclosure action because the bank is working on a modification that will take care of everything. After again following the bank's advice and not filing a response to the foreclosure action
with the court
, the bank obtains a judgment against the homeowners for not responding to the foreclosure action. The bank can now sell the home.
If you or someone you know is currently in the modification process, contact a Florida forecosure defense attorney immediately. Trusting the bank to do the right thing could be a terrible mistake. We can help you negotiate a modification of your mortgage and, if necessary, fight any foreclosure the bank files. Remember, the bank has many attorneys working hard to take your home. Shouldn't you have one to help you keep it.
The Bowin Law Group offers very reasonable payment options that your family can afford. Conact us for a free consultation today to see how we can help modify your mortgage and save your home.