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Most people don’t understand the importance of having experienced professionals working for them. The article below explains why it is critically important that you not only have professionals negotiating on your behalf but professionals with legal experience. We offer all of that when we are negotiating on your behalf.
Source: JCL Realty broker Ted A. Greene
Daily Real Estate News | June 9, 2010 |
Lenders Warn Foreclosure May End in Lawsuit
The housing crisis will spark a wave of lawsuits filed by lenders seeking to recoup loses on home sales and foreclosure auctions that do not return enough money to pay the mortgages in full, according to real estate and legal experts.
Experts predict that mortgage companies will begin to sue home owners in the next two years, including borrowers who ransack a house that has been lost to foreclosure and those who walk away from "underwater mortgages," with hopes of discouraging others from such behavior.
Lenders are unlikely to target borrowers who negotiate in good faith or have defaulted on their home due to job loss or other unforeseen circumstances; other borrowers could be hounded by collection agencies that have purchased their mortgage debt from their lender.
*emphasis added
Source: RISMedia (06/08/10)
© Copyright 2010 Information Inc.
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