4.2 Million Homeowners Live Years Without a Mortgage Payment Due to Miami Bank Errors
According to a recent CNN report, one West Palm Beach couple has lived in their five-bedroom home for five years and millions of others have lived mortgage payment-free because of lender errors and the long foreclosure process.
Miami Foreclosure Defense Lawyers have made it a priority to help homeowners fight back against greedy banks and lending institutions and help people stay in their homes. Problems with mortgage servicers, robo-signed documents and other errors have helped homeowners overcome the questionable practices of banks throughout Miami. Our firm believes in fighting foreclosure in Miami and negotiating from a position of strength against the banks.
According to the article, there are nearly 4.2 million mortgage borrowers who are either delinquent or had their cases referred to lawyers to pursue foreclosure auctions. Of those, nearly 66 percent have made no payments at all for at least a year and nearly 33 percent have gone more than two years without payments.
On average, a foreclosure takes 565 days from their first missed payment for a lender to foreclose on borrowers in default. In New York, the average is 800 days and in Florida, where the robo-signing issue has been most combative, the average is 807 days. That’s more than two years that a person can live in their house as the foreclosure process goes on.
Potentially losing one’s home can be a terrifying prospect, but because of the glut of foreclosure cases filed in Miami-Dade County and throughout Florida, the time it takes for these cases to finish up is staggering. Our law firm works to help homeowners stay in their houses, even as the foreclosure process is ongoing.
The truth is, financial institutions have fallen short in their efforts to properly foreclose on many houses in South Florida. They have used mortgage servicers that have been investigated by all 50 states’ attorneys general. Those companies have falsely signed documents, alleged that documents were true when bank officials never even looked at them and filed with the court paperwork that is completely inaccurate.
The government imposes strict regulations on banks and our firm will investigate your loan for the many possible errors, such as:
- Lost Promissory Note or Assignment defenses
- Bad loan origination
- Inaccurate loan servicing
- Truth In Lending Act Violations (TILA)
- Home Owner’s Equity Protection Act (HOEPA)
- Real Estate Settlement Practices Act (RESPA)
All of these areas and more allow homeowners to gain an advantage and the upper hand when dealing with greedy and unprepared financial institutions that try to storm into court and take away a person’s house.
If you have experienced a job loss or other of income event in your life and don’t believe you are able to make payments on your house or if you are one of the many homeowners who is “upside down” in your mortgage and don’t want to ruin your life savings, call our firm. We can advise you on the best avenue to either help you stay in your home or successfully walk away.
If you are fighting foreclosure in Miami or the surrounding areas, contact Jacobs Legal for a confidential appointment to discuss your rights. Call (305) 358-7991.