According to RealTrac the numbers of foreclosure filings fell to 14 percent in February. The percentage of foreclosure filings in January was 27 percent. This comes as good news to the housing market. The decline is attributed to the fact that many homeowners facilitated the expertise of foreclosure attorneys and appeared in court to contest the bank lenders. The foreclosure processes are facing major overhauls because of the many indiscretions of mortgage lenders in the default process.
Recent investigations in the foreclosure proceedings employed by major lenders have revealed that the lender relied on third parties to sign the paperwork necessary to initiate defaults. Many of these third party signers didn’t properly evaluate or understand the paperwork being filed in court and many homeowners were wrongfully defaulted. Now the defaulted homeowners along with their foreclosure lawyers are contesting the decisions of the major mortgage lenders. These homeowners weren’t offered the opportunities available to them because of the fast-tracking used by third parties.
In light of the fallacies of lenders, judges are increasingly deciding in favor of the homeowners. Federal Regulators and Attorney Generals are pressuring mortgage lenders to amend their loan services and the parameters in which they consider troubled mortgage loans for relief. The real estate market and homeowners will greatly benefit from fewer foreclosures. Employing a foreclosure attorney can help the homeowner who faces default by holding large banks accountable for their questionable foreclosure practices and keep them in their homes.
