The fallout from the great recession is far from over. Some homeowners are just now starting to feel the backlash from the mortgage crisis and the big banks predatory lending practices (and other shenanigans).
This article in the New York Times exposes some of the invasive tactics that Bank of America, CitiBank and JP Morgan Chase have been using to get delinquent home owners out the door.
According to the New York Times:
“Faced with more than 10 million foreclosures that have piled up since the start of the mortgage crisis, the nation’s largest banks are turning behind the scenes to property management firms, with the Ohio-based Safeguard the largest, to help them navigate the wreckage, determine the occupancy of the troubled properties and preserve them until the homes can be resold. But the firms are coming under fire for using questionable and possibly illegal tactics.
Homeowners across the nation have lodged complaints with state regulators and filed lawsuits of their own, contending that Safeguard tried to forcibly drive them from their homes in a campaign of fear that involved damaging possessions, changing locks and shutting off electricity.”
Some of the homeowners have been wrongly evicted from their homes. Unfortunately, by the time the issue got straightened out with the bank, the contractor had done thousands of dollars worth of damage and traumatized homeowners.
The experienced staff at Cossittlaw can help you manage the process and limit your exposure to this type of bullying. If you are a homeowner on the brink of foreclose or trying to save your home, contact Cossitt Law and set up a consultation.
We encourage negotiations and workouts as a possible solution to avoid needless, and sometimes costly, litigation. Bankruptcy and foreclosure may be avoided if an individual can successfully negotiate modifications of existing financial obligations with lenders. If negotiations and workouts are not appropriate or accomplishing your goals, bankruptcy may be needed.