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When a homeowner is faced with the indignities attendant to mortgage arrears, foreclosure worries and the very real prospects of losing a home, business or investment property, the better practice is to call an attorney. Very often and of particular note, this advice is rarely given by the lenders, mortgage servicers and banks in the course of dealing with the mortgage arrears. In the majority of such situations, the first conversations are often with the attorneys representing these institutions whose stated intentions are to take your properties in the foreclosure process.
The law firm of Rubin & Licatesi PC maintains a unique focus and welcomes our new callers and clients, providing counseling and conversation concerning legal rights and financial options and alternatives to distressed homeowners and business owners in the deadly grips of mortgage foreclosure.
The form and substance will customarily open with a new caller who has received a telephone denial or a letter from their lender that criticizes and invites disaster. The loan modification has been genuinely sought, with stacks of papers, tax returns, pay stubs and bank statements navigated through the bank's fax numbers, e-mails and attorney offices, bearing all the respectful phone calls, silent answers, and time lost in speaking to anonymous customer-representatives. Duly diligent follow ups but countless failures reflect lender’s highly complex and unsuccessful structure, insensitive and insufferable responses and failure. As it happens, let's take a quick peek behind the curtains.
MFY Legal Services, Inc.'s Foreclosure Prevention Project has published "Justice Deceived: How Large Foreclosure Firms Subvert State Regulations Protecting Homeowners". Newly filed residential foreclosure actions in Brooklyn and Queens were analyzed covering the period of November, 2010 through March 2011. Some pretty amazing conclusions were reached:
"Just four foreclosure law firms filed 922 residential foreclosure actions in these two months, comprising 57% of all filings...
In 805 of those 922 foreclosure actions- or 87% of all actions- the foreclosure law firms have yet to file the Request for Judicial Intervention (RJI) that moves foreclosure actions into settlement conferences.
Of particular note, for the 393 foreclosure actions filed in November 2010, as of June 17, 2011 - more than seven months after the original filings - 82% of all the filings continue to sit in a limbo state."
Who do you suppose is harmed? "It is the filing of the RJI in a residential foreclosure action that triggers the full protections of the settlement conference, affording judicial oversight of the mortgage modification process, providing housing counseling services and leveling the playing field between homeowner and the mortgage servicing company." Your rights and protections are diluted with each delay by the lenders and their attorneys . Arrears continue to mount, late fees and foreclosure expenses and the backlog of foreclosure lawsuits throughout the Courts of our state reach epic proportions.
Everyone needs to get close to the struggles of mortgage foreclosure and reach out to professionals who are able to utilize the powerful laws and regulations enacted to preserve and protect the rights of the homeowners and business persons. At Rubin & Licatesi PC, our attorneys and staff members focus on your profile and look for efforts and actions which will present you with credible recommendations and primary goals. Foreclosure litigation is a practice handled by a small and select group of bank attorneys in the majority of cases. No homeowners are found in their practice and clientele, unless named as a defendant in a lawsuit. The challenge of representing yourself in a foreclosure action, when matched against the expertise of these four major law firms, is challenged, at best.
The Commonwealth of Massachusetts filed a Civil Action last week against Citimortgage, JP Morgan Chase Bank and 5 other named defendants seeking to hold these institutions accountable "for their rampant violations of Massachusetts law and associated unfair and deceptive conduct amidst the foreclosure crisis that has gripped Massachusetts and the nation since 2007...and by failing to strictly adhere to these statutory requirements in conducting foreclosures... the Defendants violated these statutes...In the course of implementing its loan modification programs, including HAMP... each Bank Defendant has misled borrowers about their eligibility for this program, and the relief they will receive pursuant to this program....Each of the Bank Defendants knew or should have known that its misrepresentations regarding its loan modification programs are deceptive and unfairly disqualify borrowers from obtaining loan modifications." Not a single homeowner was named as a defendant in this lawsuit, only banks which have been alleged as engaging in a deeply flawed program of actions.
Our great State of New York finds similar abuses and the Superintendent of Financial Servicers reached an agreement to create reforms with Morgan Stanley, Saxon, American Home Mortgage Servicing, Vericrest Financial, Goldman Sachs Bank, Ocwen Financial and Litton Loan Servicing to reform certain and definitive failings including practices of robo-signings, improper denials of loan modifications, wrongful foreclosure lawsuits and inappropriate actions designed to negatively impact the homeowners' civil rights.
The law firm of Rubin & Licatesi PC provides a history of significant experience and professional guidance to the homeowners and business owners seeking to defend their civil rights and preserve and protect their homes and businesses against foreclosure. We encourage our new callers and clients to understand the process and the complexities in their cases. We continue to educate and inform, to teach our clients to better organize documents and become better, faster and smarter than their adversary. Take the target off your back and put the attention where it rightfully belongs....... do all that you can do to KEEP HOME YOUR OWN.