Jun 07 2009
The Times They Are A Changin’
When I began this blog under a year ago, the climate surrounding the mortgage foreclosure crisis in the United States was drastically different than it is today. The initial assumption was that borrowers facing foreclosure were people who got in over their heads and tried to take advantage of an under-regulated lending system by taking out loans that there was no way they could afford. The public opinion was more in favor of the banks instead of the borrowers, labeling the borrowers as uniformed investors seeking an undeserving bailout. From the time you missed your first mortgage payment until the time a foreclosure judgment was issued against you was about five months.
A few months ago, the public opinion began to shift. The government became aware that borrowers need to be protected and that the lenders need to be coerced into looking into loss mitigation solutions, such as loan modifications and principal reductions, to keep families in their homes at affordable rates, especially when the unemployment levels are so high and the economy is so low. From the time you missed your first mortgage payment until the time a foreclosure judgment was issued against you was about eight months.
Today we have a much more favorable situation. Not only have the media and the government been active in expressing the desire to protect borrowers from foreclosure, but now the courts are aiming to protect borrowers as well. With programs forcing the lenders to attempt mediation prior to getting a foreclosure judgment, judges being instructed to view foreclosure hearings in favor of the borrower, and a general sentiment by judges that there are too many foreclosures and some of the cases need to be dismissed, the courts are begging you to be active in defending yourself against foreclosure. From the time you missed your first mortgage payment until the time a foreclosure judgment was issued against you is about twelve months, if you do nothing, and up to three or for years if you actively defend yourself.
Hiring a defense attorney is expensive and not really worth the money unless you plan on filing bankruptcy. In fact, sometimes the attorney will charge you around $5,000 and hinder rather than help since you will lose the benefit of sympathy and compassion which are crucial when you are dealing with a court of equity, as is the case with foreclosure hearings. Doing nothing is absolutely unacceptable. While the thought of losing your home is scary enough to make you want to put your head in the sand, you would be doing yourself and your family a great injustice if you didn’t attempt to defend yourself and save your home. You are strong enough to beat the bank and keep your home. Learn how at www.ForeclosureDefenseSecrets.com.
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