Articles Posted in Foreclosure

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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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We recognize it is a difficult decision when you are facing a foreclosure, or have already been foreclosed, and you have to decide whether to make decisions and take action with a lawyer or without a lawyer.

There is no right or wrong answer to every legal issue you face.

We do suggest, however, that foreclosure type cases can be some of the more complicated cases and may not be the right legal matter to handle yourself. We just posted an article that discusses some thoughts and ideas about hiring an Alabama foreclosure defense lawyer or handling it yourself (“pro se”).

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You can read the actual opinion and our analysis on a wonderful Alabama Supreme Court order that clearly establishes that, under most mortgages, a letter must be sent to you before the mortgage company accelerates your mortgage.

This is something that we have been arguing and that we always believed but there was some doubt as to which way the court would go. We are thankful the Alabama Supreme Court simply applied the plain language of the contract (mortgage) and did not accept the mortgage bank industry’s argument to ignore contracts.

Our Alabama Supreme Court is a conservative court that does not intend to “legislate” from the bench — instead it simply desires to apply the law as it is written and enforce contracts as they are written.

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Our clients in Huntsville recently sued several mortgage companies before a planned foreclosure that we feel would have been wrongful and illegal.

Foreclosures are still running rampant across our state and when they are illegal and wrongful foreclosures, they need to be stopped or reversed.

Learn about your rights and take the appropriate action to protect yourself.

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Ever wonder why it seems the mortgage foreclosure disaster is not getting better? When Freddie Mac and Fannie Mae say they are on the side of the consumers?

Read this article and be disturbed….

Freddie Mac, a taxpayer-owned mortgage company, is supposed to make homeownership easier. One thing that makes owning a home more affordable is getting a cheaper mortgage.

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You can follow the link below to read about our client who was sued by Freddie Mac for ejectment (or eviction) after a foreclosure by CitiMortgage.

Many Alabama consumers, unfortunately, just give up even when they have valid claims and defenses.

Our client, however, felt the foreclosure was wrongful and improper and she decided to take action.

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We recently sued Wells Fargo for wrongful foreclosure and fraud and since it is a common type of fraud, we thought it might be helpful to show you the complaint we filed in federal court.

If you live in Alabama and you are dealing with anything similar to this with any mortgage company (especially Wells Fargo), please let us know as we would like to hear about your experiences.

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As Birmingham, Alabama, foreclosure defense attorneys, we have put a lot of information on the internet about foreclosures in Alabama.

We have videos, articles, and books on the subject. We hold educational seminars and classes here in Alabama and across the country for other lawyers on this subject.

We know the best way for us to help understand your situation with an Alabama foreclosure is to meet with you in person.

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I’m going to quote from the end of a wonderfully insightful article by Barry Ritholtz, but please read the whole article. You need the interesting first part of this article to appreciate the logic and explanation of what he is saying about some of the trader fraud at investment banks and the mortgage crisis we are still in the middle of and whether the US taxpayer should be bailing these banks out. The bolding is mine.

In an era of bailouts on the backs of the taxpayer, it points to a simple reality: Firms must decide whether they are going to sacrifice profit in pursuit of safety, or sacrifice safety in pursuit of profit. Whatever they decide, it is not the responsibility or obligation of taxpayers to backstop these choices.

Consider the choices made by management: The collapse of firms such as AIG, Bear Stearns and Lehman Brothers were caused by the same sort of poor judgment as UBS’s $2 billion in losses – only the rogues gallery there included the senior-most managers of the firms. Alan Greenberg exhorting his staff to focus on reusing paper clips, while the mortgage syndication division lost billions of dollars. Dick Fuld surrounding himself with yes men while the firm’s leverage and risk exposure went through the roof. Tom Savage, president of AIG’s Financial Products, calling derivative underwriting free money.

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