These days, many people are facing foreclosure, especially in Florida. Recently, there have been many instances of banks providing inadequate, if not fraudulent, documentation regarding homes in foreclosure. Consequently, borrowers are no longer allowing banks to take their homes without a fight. The "fight" typically occurs through the court system. Homeowners seeking to avoid foreclosure will hire an experienced foreclosure attorney to help them through this complex and confusing process.
By the time many people consider alternatives to foreclosure, the lender has already begun the foreclosure process. Options like negotiating with the lender become nearly impossible because the foreclosure process is completed before those negotiations have time to produce results.
Our post yesterday discussed the overall breach of contract claim in lawsuits filed against Bank of America for HAMP mortgage modifications. However, the homeowner complaints against Bank of America allege problems much deeper than just "they denied my modification against the terms of the contract." The complaints allege that Bank of America did not act in good faith during the modification process.
Most people consider their home one of the most important things in their life. A house should be a secure place for people to relax in and to enjoy time with their families. In this economic downturn, home ownership has become a struggle for some. Many homes are "under water" and while most people try to pay their mortgage on time, they are finding it harder to do. Banks are not making things any easier.