The five largest mortgage lending banks converged in Washington to meet with several state attorney generals and regulators to resolve the issue of wrongful foreclosures. Recent inquiries into the foreclosure practices of these large banks, Bank of America, Wells Fargo, JP Morgan Chase, Citigroup and Ally, showed they used unsavory practices to push seizures through the system. Many homeowners who were facing foreclosure were denied loan rehabilitation or charged excessive penalties which put them in the red on their home loans.
The Feds are asking the banks to reduce some of the penalties which accumulated when the property owners were attempting to stave off foreclosure. People who were forced into foreclosure despite their efforts to avoid the process can utilize a foreclosure attorney to challenge the banks decision. The recent probes have shown the banks wrongfully employed practices which have put thousands in danger of losing the homes they worked so hard to obtain. Along with the state attorney generals, foreclosure lawyers have been working to save homes from the scandalous bank practices.
The representatives of these major banks are reluctant to offset some of their penalties as it denotes a loss for their corporation. None of the representatives of the banks would comment on whether they are willing to allow more people to modify their mortgage loan. The diligence of a foreclosure attorney can assist the homeowner in dealing with the bank and work towards keeping their homes.
