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Disorganization or dishonesty? Lenders are making it difficult to get straight answers

As it is, mortgages are complicated. They become far more complicated when borrowers fall behind on their payments. Banks routinely transfer the notes underlying a property. Fees and charges stack up, muddling the accounting.

Let's take an example of a borrower in Georgia who filed for bankruptcy back in 2004 to save her home from foreclosure. She and her attorney only had two simple questions. What back payments were owed on the mortgage, if any? If she owed back payments, to whom did she owe them? They were unable to get straight answers to these questions for 7 years. From 2004 to early 2011, the borrower was subjected to conflicting claims by employees and representatives of Wells Fargo, which allegedly held the note on her property. At one point, three different institutions claimed to hold title to her two-bedroom home.

Determining the balance on a home loan should not be this difficult. Unfortunately, this Georgia homeowner is not the only person this has happened to. It makes you wonder how many others have been given the run around by their lenders. It makes you wonder just how many foreclosures have resulted from inaccurate accounting, deceptive practices or outright illegal conduct by lenders.

In February of this year, Wells Fargo reached a confidential settlement with the borrower mentioned above. It took her attorney filing suit against the lender and a good deal of persistence to achieve any movement in this matter.

Whether it boils down to disorganization or dishonesty, some lenders are making it exceedingly difficult for borrowers to file for bankruptcy, complete loan modifications or otherwise fight back against foreclosure. At Jacoby & Jacoby, the experienced team stands firm in their pursuit of justice on behalf of borrowers throughout Long Island. To learn more about your options and legal rights in the face of foreclosure or other matters concerning your lender, do not hesitate to contact the firm to schedule a confidential review of your case.

Contact a Long Island foreclosure defense lawyer at the firm today.

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