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Miami homeowners fighting foreclosure in 2011 should negotiate from position of strength

The conclusions of the Florida Attorney General’s report regarding abuses by banks and law firms in foreclosure cases make it clear that consulting an experienced Miami foreclosure defense attorney is vital to protecting your rights.

As we have reported on our Miami Foreclosure Lawyer Blog, the advent of electronic mortgages was a way for banks to make even more money by packaging and selling them as investments. Never satisfied, banks made even more by cutting corners, which in many cases included the loss or destruction of original mortgage documents. Mortgages were sold and resold on the investment market with only the electronic system to assign a bank servicing and foreclosure rights.

The hundreds of thousands of foreclosures that resulted from the collapsing real estate market led banks and law firms to forge tens of thousands of mortgage documents, providing banks with proof of the proper assignment necessary to carryout a foreclosure action. Homeowners looking to help stop foreclosure in Miami have a number of options. In some cases, a homeowner may negotiate away a deficiency judgment. In other cases, a homeowner may even be able to fight for a cash settlement or the return of their property.

Regarding the misuse of falsified assignments, the Florida Attorney General’s Office found:
-Improper assignments were recorded in county land offices and submitted to the court in support of foreclosure actions.

-Improper assignments were accepted by the court as valid.

-Homeowners were foreclosed upon based on falsified assignments by banks that did not hold the note.

-If a foreclosure judgment is obtained by a bank that does not hold the note, then the homeowner risks a second lawsuit by the true note holder.

Possible solutions mentioned by the Florida Attorney General
-Banks and their law firms must submit true and accurate paperwork. (You would think this would be a given, unfortunately it’s just another reason why it’s critical to have an experienced foreclosure defense attorney by your side).

-Homeowners must be given due process. Substantive review of paperwork prior to foreclosure (this flies in the face of the request of banks to expedite the foreclosure process by taking it outside the court system).

-The foreclosure crisis in South Florida will continue. With many more foreclosures in 2011. But they must be done within the law.

With new scrutiny of banks and their law firms, homeowners should fight for their rights if faced with foreclosure in 2011. Seeking the help of an experienced Miami real estate law firm can help you negotiate from a position of strength.

If you need help with foreclosure issues in Miami or the surrounding areas, including short sales, deficiency judgments, strategic defaults or other help for Miami homeowners, contact Jacobs Legal for a confidential appointment to discuss your rights. Call (305) 358-7991.

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