Lenders Trick Miami Homeowners With Fine Print Clauses
Buying a home can be one of the most exciting times in a person or family’s life. But that excitement can be tempered when lenders and financial institutions use deceiving tactics inside the fine print of their contracts to hamstring homeowners.
Take for instance some examples of waiver clauses found deep in the fine print of contracts recently discovered by a network of attorneys of which our Miami Foreclosure Lawyers are a member:
- “Borrower further acknowledges that Borrower has no defenses, setoff or counterclaim to the obligations of Note and Security Instrument or against Lender arising out of or related to Borrower’s default or obligations under the Note and Security Instrument.”
- “Borrower acknowledges that Lender is the holder and the owner of the Note and that as provided in the Note or as amended by this Agreement, the Lender may transfer the Note. The Lander or anyone who take the Note by transfer and who is entitled to receive payments under the Note is called the “Note Holder” in this Agreement.”
- “Read Carefully-Specific Release of Claims: In consideration for Bank of America entering into this Agreement, you agree to release and discharged Bank of America, and all of its investors, employees and related companies, from any and all claims you have or may have against them concerning the Loan…”
It is sad that lenders go to such great lengths to work one over on homeowners, many of whom may not have the knowledge and experience with contracts and the banking industry to spot these problematic clauses. That’s why hiring a Miami real estate law firm with extensive experience in the field of real estate litigation even before you sign on the dotted line could help preserve your rights and protect your family in the future.
The fine print clauses were discovered by Max Gardner’s Army, a nationwide group of defense lawyers sharing strategies and information in real time. The goal is to force relief for homeowners by negotiating loan modifications, avoiding deficiency judgments or seeking other resolutions that can help those dealing with mortgage debt. Our firm is a member of that group and uses the shared information to better represent South Florida clients.
Before signing documents to buy a home, consult with our Miami Foreclosure Lawyers. Our firm can work to make sure legal options are left open and the bank’s contract doesn’t unfairly punish a prospective homeowner simply for wanting to own a house. Reviewing contracts, possibly filing a lawsuit or taking other measures to ensure financial stability are all things homeowners should consider before signing paperwork.
While many would hope that businesses such as lenders and financial institutions would be handling all these matters legally and without immoral clauses, it’s simply not the case. The banks will look for any advantage they can get, even if it means shutting you out of future lawsuits if they do something unlawful in the future. Take action and fight back.
If you’re battling foreclosure in Miami or the surrounding areas, contact Jacobs Legal for a confidential appointment to discuss your rights. Call (305) 358-7991.