There have been and continue to be a series of mistakes made by banks on the course of their efforts to foreclose on properties. Some of these mistakes continue to take place, as set forth in a recent article. In some cases, this situation can present itself with opportunities for borrowers to try to negotiate a deal with a lender. But this area of the law, having its roots in old established case law, is too complicated for a non-lawyer to consider self-help remedies.
Knowledge is power. If you need help, contact us.
As shown in a recent article, certain mortgage debt held by Fannie Mae or Freddie Mac will not receive the benefit of principal reductions in getting relief to make their mortgages more affordable. This does not apply to everyone – just those whose mortgages are held by Fannie Mae and Freddie Mac. Also, this does not prevent people from being creative in trying to make mortgages more affordable for people in trouble, but it certainly doesn’t help.
Knowledge is power. Contact us for information if you need help or if you think that you might need help.
While foreclosures were down for the first quarter of this year, according to recent figures in an article in the Boston Globe, foreclosures in Massachusetts are back up in number. There is no doubt that there is still a long way to go for recovery and balance in the economy. But people need to know their options.
Knowledge is power. Contact us to get information.
It’s not a good thing for any one individual to go through. But the truth is that foreclosures are on the rise again, as the article describes. Careful planning is important for anyone going through the process, whether or not the plan is to save the house, to sell it, or to let it go. There are consequences often not considered without professional advice, from deficiency claims and lawsuits to tax implications.
Knowledge is power. Contact us with any questions that you may have.