Foreclosure Attorneys

[Mark Thornton]

In talking to homeowners facing foreclosure recently, many of them have told me that they are already working with attorneys. Is there anything these attorneys can do on behalf of the homeowners other than basic due diligence to make sure the bank has followed the correct procedures for foreclosure, or representing them in negotiations with the bank to reinstate the loan?

It seems to me that some of these homeowners may have a greatly exaggerated idea of what a lawyer has the power to do in these situations. Am I missing something?

[George Roddy, Jr.]

Mark,

Most of the attorneys represent the owners in a bankruptcy capacity.

Alot of homeowners think that filing for bankruptcy will "wipe out" their debt, but generally all it does is create a new monthly payment for them to pay. Bankruptcy law seems backwards; when a owner can't afford 1 payment, we'll make them pay 2 (regular payments & payment to bankruptcy trustee).

Remember 70% of consumers that file BK, end up back on the foreclosure report. It might be smart to keep their information on a "dripping" marketing campaign.

George