Articles Posted in Foreclosure

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As you probably know, my law firm represents many Alabama consumer who sue mortgage companies such as Bank of America. Well, today I received a letter from Bank of America.

I opened it up and it was addressed to me and said that BoA recognized that I represented my client and they wanted to send the letter to me.

I was puzzled as there was no “consumer” or “homeowner” name listed.

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If you’re facing a foreclosure in Alabama, one option is to do what is called a deed in lieu of a foreclosure. In essence, this means you give the deed to the mortgage company instead of the mortgage company taking the deed through a foreclosure.

Here’s an example to illustrate this — Bob and Jenny and Wells Fargo.

Bob and Jenny have a house in Birmingham and they owe $300,000 on their mortgage to Wells Fargo. They have encountered financial difficulties and have not been able to get a loan modification and they are now facing a foreclosure.

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If you are facing a foreclosure in Alabama, one option to avoid a foreclosure is to do a “short sale” which is where you sell your home for less than what you owe the mortgage company.

Why is it called a short sale?

Because you are looking to sell your house for less than what you owe.

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If you are facing foreclosure or have already been foreclosed, you need to think very seriously about whether it makes sense to fight while staying in your home. I’m all about wanting to fight the mortgage companies but it has to be done in a smart way and in a way that makes financial sense for you as the homeowner.

We only fight mortgage companies when the mortgage company has violated the law. So in this discussion we take it as a given that the mortgage company has done something wrong to you.

So you have a legal right to fight back to either stop the foreclosure or to perhaps undo the foreclosure.

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There was a recent decision relating to Nationstar which was sued under the FDCPA and RESPA and we thought it was an interesting opinion so we did a video review of the actual opinion. You can read the decision (Dynott v. Nationstar) and we have copied it below for your convenience.

If you have questions, feel free to give us a call at 205-879-2447 or contact us through our website AlabamaConsumer.com.

John Watts

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Over the last 5 or 6 years we have primarily helped those who have already been foreclosed. It is a long battle to get the mortgage company to agree to set aside the foreclosure but sometimes we have been successful — other times the company will not agree. But we did not help as many consumers who have not yet been foreclosed because the law was — ironically — in some ways not as good before a foreclosure as it was after a foreclosure. And it was not good for anyone and the law has been getting worse.

That has now changed and so we are staying flexible and changing with it as it has been a long time since there was any positive change in the law in favor of homeowners.

Let me give you a little bit of summary about these new rules as this might be of help to you or your family or friends who are facing foreclosure. Really I should say if anyone is 30 days late on their mortgage these rules will be very helpful.

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It depends on what type of case we are discussing — let’s look at several types as it can be confusing when someone says “Plaintiff” or “Defendant” and you don’t know the context of the case.

Collection Lawsuit

When a collector sues you, the collector (or “debt buyer”) is the Plaintiff. This is the one that starts the lawsuit and has the burden of proving that the allegations in the lawsuit are correct.

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Douglas Jacobs has an interesting article about seven myths that he sees as a California bankruptcy attorney. Specifically myths about modifications — bankruptcies — and foreclosures.

I agree, from an Alabama perspective on foreclosures, that doing a modification will not stop a foreclosure unless the mortgage company tells you. But then they often lie and we end up suing them after the foreclosure.

And modifications are not something that you are entitled to — more common to be denied than accepted.

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There is a lot of news right now about foreclosures and potentially wrongful foreclosures. More and more lawyers (and non lawyers) are claiming they can help.

The non lawyers will give you a “loan audit” or “loan analysis” and tell you all of the laws that were violated in your loan. All of the ones I have seen have been worthless. But not free — typically a thousand or two thousand dollars.

The lawyers all claim to be “Alabama Foreclosure Defense Lawyers” or “Birmingham Foreclosure Defense Attorneys.”

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