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Wrongful Bank Foreclosure
- Bank of America Reported as Biggest Forecloser
- BOA Forecloses on Paid Off Florida Loan
- Banks Recording Customer Calls for "Training Purposes."
- Buying Bank Owned Property? You May Be at Risk of a Wrongful Bank Lockout
- Tougher California Wrongful Foreclosure Laws Eyed by Law Makers
- Bank of America Wrongfully Forecloses on Naples, Florida Homeowner
- Junk Fees Being Added to Mortgage Payments by Banks and Servicers
- Wrongful Foreclosure Attorney, Carlin J. Phillips, Explains Illegal Lockouts to AOL Reporter
- Wrongful Lockouts and Trashouts - Homeowners Seem to Have Fewer Rights Than Tenants
- Detroit Free Press Reports on Wrongful Foreclosures and Lock-Outs
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- Posted on 7/13/2010Texas Lawsuit Alleges Wrongful Foreclosures by Bank of America
- Posted on 7/8/2010Michigan Homeowners Get Possible Relief from Foreclosure
- Posted on 6/30/2010Bank of America Wrongfully Forecloses on Naples Florida Home
- Posted on 6/29/2010Nevada Woman Loses Everything in Wrongful Foreclosure Lockout
- Posted on 6/9/2010Bank of America Agrees to Pay $108 million to 200,000 Homeowners
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Obama Proposes Plan to Prevent Foreclosures
Posted on Mar 10, 2010
March 10, 2010 - Boston, Mass. - Some politicians are hoping to reduce the growing number of Americans who are being displaced from their homes after succumbing to bank foreclosure. In particular, the hope is to cause a fundamental change in the way lending institutions and banks treat homeowners who are facing a risk of foreclosure.
DailyFinance reports President Obama has proposed a plan to ensure that lenders give every willing homeowner a chance to keep their property. Obama wants to ensure that each homeowner struggling to make their mortgage payments can enroll in the Home Affordable Modification Plan, or HAMP, before foreclosure measures are put into action.
This would prevent banks from foreclosing on a home without making an obvious effort to contact the homeowner several times. It would also be required for banks to attempt to talk to borrowers about HAMP at least 4 times via phone and at least 2 times through certified mail.
The intent is that homeowners deserve to know about the possibility of trial loan modifications, which allow a borrower to get their payment temporarily lowered. Typically, as long as the homeowner pays on-time for 3 months, they may get to stay at the lower payment, allowing them to save their home.
Some banks have been known to withhold this opportunity from homeowners who have otherwise followed protocol. If Obama's plan becomes reality, the hope is that lenders will not be allowed to pull the rug out from under homeowners who are making a concerted effort to avoid foreclosure.
The Massachusetts wrongful bank foreclosure attorneys at Phillips & Garcia will fight for your rights in your bank foreclosure class action case. We are committed to protecting your best interests and helping you collect the damages you need and deserve to move on with your life. Contact Phillips & Garcia today to schedule your FREE legal consultation - (877) 892-5620.
Legal Help for Wrongful Foreclosure and Seizure in Any State. Phillips & Garcia, P.C., a leading law firm in wrongful foreclosure and seizure cases, is now taking cases in any state where there has been a wrongful foreclosure, lock-out and trash-out of a borrower's home. We are licensed in Massachusetts and associate with a qualified attorney in your state.
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