David Stern used to be Florida’s leading foreclosure lawyer but now his empire is failing. Fannie Mae who issued so called predatory mortgage loans hired Sterns to help them with foreclosures in Florida before being bought out by the government. Stern used illegal means such as forging and fabricating documents in order to keep the foreclosure ball rolling while he amassed considerable wealth. He charged clients inflated fees. He is also accused of not verifying identities or amounts owed before foreclosing on people’s homes. The lawyer was under pressure by banks such as Fannie Mae to close the cases and do it quickly.
Despite numerous warnings Fannie Mae still allowed Stern to move foreclosures through the system. Stern was making huge profits off the misfortune of others. Fannie Mae along with other large banks utilized Stern’s firm and other “foreclosure mills” which has since caused serious scrutiny of the eviction process. Many foreclosure lawyers fight for the homeowners. Recent court proceedings have seen judges making decisions in favor of the homeowners instead of the banks.
The real estate market is still suffering amid slow economic growth and high unemployment. The number of foreclosures saw a small decrease in the last six months of 2010 but many people across the US are still in danger of losing their homes and need foreclosure lawyers. While facing a foreclosure, it is in the homeowner’s best interest to retain a foreclosure attorney. It is reported that the foreclosure king Stern is now facing a prison sentence and defaulting on his line of credit
