Much has been made of the increasing number of homes and properties that are foreclosing in Florida and the rest of the U.S. And with that now comes a new trend - foreclosure defence. Essentially, for those facing foreclosure, this involves hiring an attorney (solicitor) to help them fight against lenders via the courts - a process that may stall the foreclosure of their homes by months or even years. Owners continue to live in their properties, and without the threat of immediate eviction, they may well be able to raise enough money to move elsewhere, or even be able to sell their home.
Does this seem a shifty to you? It does a little to me. I do see how this process may be able to help those that have genuinely fallen on hard times, who may well be left "homeless" if their home forecloses. At this stage, people are few options and need to turn to someone for help with their situation. But foreclosure defence seems to be the kind of thing that certain less than genuine people would readily take advantage of. Not to mention that some attorneys that offer foreclosure defence may themselves take advantage of some property owners, without properly helping them.
The article also mentions one lady that opted for a foreclosure defence help after her mortgage loan payments stopped automatically being taken from her bank account after a new mortgage company took over her loan. She didn't realise this until it was too late. Avnd she didn't realise she was supposed to be paying to a new mortgage company because..."she is careless about opening her mail".
Oops.
Article: Foreclosure defense buys homeowners time (Miami Herald, 18th July 2008)
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Foreclosure defenses are simply a part of the business climate. Borrowers are smartly using whatever avenues available to counter the problems with home values and high interest rates. If usurious lenders are getting billion dollar bailouts at the expense of the taxpayer, the taxpayer should reasonably use whatever means legally available to mitigate their losses, even if it means stalling out a foreclosure for a few months or a year. This is a necessary balance between powerful corporate interests and the individual.
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