Revelations of continuous fraud by the banks, and their law firms, have resulted in the launching of numerous investigations, and calls for a foreclosure moratorium. Indeed, many banks, including some of the nation’s largest, like Bank of America, have temporarily halted foreclosures in Florida.
Struggling homeowners should contact our office to meet with one of our Miami foreclosure defense attorneys today. As the revelations of improper “robo signing” continues to increase, those who are in danger of losing their home to a foreclosure should examine the situation, with the aid of one of our attorneys, in greater detail. The problems the banks are presently experiencing as a result of the “robo signing” allegations arise in large part as a result of foreclosure defense attorneys bringing to light the systematic fraud routinely committed by the banks, their employees, and their law firms.
This foreclosure crises, and mess, only continues to deepen in South Florida. The New York Times reported that Old Republic National Title has decided that it will not issue title insurance to property foreclosed upon by GMAC. Meanwhile, Florida’s Attorney General continues to investigate three prominent South Florida law firms to determine if those firms engaged in unfair and deceptive actions in their handling of thousands of foreclosures.
The issue associated with Old Republic is particularly troublesome for many potential home buyers and the real estate market as a whole. After the bank gains repossession of a property in a foreclosure the defaulting borrower is often evicted from the home. After which the foreclosed home is put on the market and ultimately sold. These sales account for approximately 1/3 of all homes currently sold in South Florida.
However, when when foreclosures are done with faulty documentation, such as in instances where “robo signing” practices were employed, it could potentially leave the new owners of the house vulnerable to claims. Title insurance protects the buyer against defects, errors or omissions in the chain of title. Old Republic said in the memorandum that its agents were already reporting written cancellations of contracts involving both Chase and GMAC due to problems stemming from the wide spread practice of “robo signing.”
All of this is occurring at a time when the economic recovery is tenuous at best. In August, Miami Dade County’s unemployment rate jumped to 14.4% from 13.3% in July. And until unemployment, and the economy as a whole, recovers, the local real estate market will remain in a state of high uncertainty.
Consider Your Options. Contact Us Today.
We have been successful in defending many foreclosure cases when given an opportunity to develop a plan to properly defend the foreclosure.
Call us toll free at 1-866-518-2913 or at 305-263-7700.