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Help is here for Miami homeowners facing foreclosure as state and federal government probes bank practices

Federal authorities have launched a criminal investigation into the mishandling of property seizures by banks and their attorneys, according to the Miami Herald.

As our Miami foreclosure defense attorneys continue to report, the “robo-signing scandal” has given property owners an even better chance of stopping foreclosure in South Florida or otherwise protecting their rights as a homeowner.

At issue are thousands of foreclosure actions taken by banks, their employees, and their attorneys, without adequate documentation of mortgage ownership. Most mortgages had long since been packaged and sold as investments and banks routinely filed missing paperwork claims with foreclosure actions. Testimony from bank employees, which was elicited by a Florida foreclosure defense lawyer, revealed that employees were verifying the validity of thousands of cases a month. However, they had no knowledge of the ownership of the properties involved or the validity of the foreclosure action.

The Federal Bureau of Investigation is now investigating whether the financial industry broke criminal laws. Attorneys General in all 50 states are also investigating whether banks acted criminally in cutting corners while seizing millions of homes.

And, in a separate investigation, the Federal Housing Administration has found disparities in how five major lenders have responded to distressed homeowners. As we frequently report on our Miami Foreclosure Lawyer Blog, options for struggling homeowners include federal mortgage assistance programs, strategic default, short sales and bankruptcy. Still another option is attempting to negotiate with the bank. But, as this investigation indicates, and as any homeowner who has tried will tell you, banks have been notoriously unresponsive. Hiring an experienced and aggressive foreclosure defense lawyer in Miami will permit you to negotiate from a position of strength and can help protect the future financial well-being of you and your family.

If you need help with foreclosure issues in Miami, contact us today for a confidential appointment to discuss your rights. Call (305) 350-5055.

Foreclosure probes growing – 10-21-2010

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