Reviews of major mortgage companies which began last year have led to reforms in the way they handle foreclosures. Consumers and consumer advocates maintained their practices caused many homeowners to go into foreclosure unfairly. The probe found that mortgage lenders used unsavory practices to rush homes through the seizure process. In agreement with Federal Regulators the major banks have agreed to reform their practices.
Some of the reforms include better communication between lenders and homeowners who face foreclosure and need foreclosure attorneys. Another improvement will prevent a person from foreclosure if they are attempting to modify their loans. The lenders will also enact a system which oversees the companies they contract to handle foreclosures in an effort to end the ‘robo-signing’ which unjustly put many people out of their homes. Consumer advocates think that the banks should do more since it was their practices that caused the real estate crash in the first place.
The foreclosure crisis seems to be slowing but many people still face the prospect of losing their homes. Unemployment and medical bills are just a couple or reasons people seek the advice of foreclosure lawyer. People who have tax bills they can’t pay or have fallen far into debt also risk losing their houses. Hiring a competent foreclosure attorney will help anyone who may be faced with losing the thing the, they worked so hard for, their homes.
