In the past week, Bank of America, JP Morgan, and GMAC have all announced that they were suspending tens of thousands of foreclosures across the country due to apparent improper handling of documents. This could be the start of a new wave of problems for the banks here in Florida.
These colossal blunders by the banks illustrates the need to have an experienced Miami foreclosure defense lawyer on your side. The bank’s ongoing mishandling of these foreclosures files just further illustrates why having proper legal representation is so important.
Foreclosures have evolved into a massive industry for both the banks, and a few select group of law firms representing the banks. And that cozy relationship has resulted in Florida’s Attorney General launching an investigation on this industry due to an increasingly large volume of mistakes in many foreclosure cases. Indeed, just recently an individual’s home was foreclosed on despite the fact that his home did not have a mortgage, and in another instance a local South Florida Judge blasted the bank’s foreclosure lawyer for failing to follow appropriate procedure in a foreclosure case.
More than 3 million foreclosures are expected to take place this year across the country, with Florida leading the way. However, some estimate that at least 80% of all foreclosures have some type of documentation problem with the file, which may result in the need to have the foreclosure re-filed.
The reason behind the documentation problems stems from the heavy, and growing, load of foreclosures. Many banks, including Bank of America, JP Morgan, and GMAC, employed people who processed the paperwork as quickly as possible in order to comply with many local rules and procedure. This practice has become known as “robo signing.” However, this practice is improper, and many banks have halted the march towards foreclosures because of the fact that “robo signing” is improper.
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We have been successful in defending many foreclosure cases when given an opportunity to develop a plan to properly defend the foreclosure.