Despite best efforts, many lenders refuse to work with borrowers on re-establishing or modifying delinquent loans. In these situations, a seasoned foreclosure attorney, such as Graham Legal, is necessary to force the lender into cooperation. Such was true for one particular client of ours.
This couple came to us in early 2009, after they fell into foreclosure due to a large loss of income. The husband works in construction and the wife in real estate, these two fields were amongst the most heavily impacted during the decline of the economy. The couple was certain that this was only a temporary circumstance, thus they wanted to defend their home and make an arrangement with the bank in order to keep their home permanently.
During our representation, this case was set for trial a total of five times. The first four times our foreclosure attorneys either had the trial stricken from the calendar or continued, which prolonged the case while we sought alternative arrangements for our clients to keep their home.
Once we were confident that our clients had regained financial stability, we applied for a loan modification on their behalf. However, they were declined, as they did not meet the financial guidelines. Our clients, understanding that they were now earning too much to qualify for a reduction on their mortgage, decided to move forward with negotiating a repayment plan with the bank, at which time the lender was uncooperative.
Consequently, our foreclosure attorneys filed a complaint with the Consumer Protection Bureau.
By federal regulation, many banks are required work with borrowers who can prove financial hardship for defaulting on the mortgage and have improved their financial status.
The fifth trial date was set for June 4, 2014, and the lender was forced to take a voluntary dismissal due to the complaint, in addition to the large penalties they are now facing.
Our first goal is always to obtain the desired outcome for our clients. But in the process of defending our clients, we hope to have a positive and lasting impact in the way banks treat hardworking borrowers, this case is prime example of how we achieve exactly that.