Banks Breach Promises to Modify Mortgage Loans

In spite of the government efforts to salvage our banking system, many of the banks that receive government assistance have failed to honor their commitments to modify mortgage loans.  It is extremely unfair that the money utilized to save these institutions came from the taxpayer and now these same institutions are refusing to help the same taxpayer in desperate need of saving their homes.  According to a recent study conducted by the Treasury Department, Bank of America and Wells Fargo are the biggest offenders.

Bank of America has only reached four percent (4%) of eligible debtors and Wells Fargo, six percent (6%).  Even though the government has afforded them substantial financial support they only offer the consumers unfounded excuses instead of results.  The problem is compounded by the fact that these consumers continue to be victims of so-called loan modification companies that continue to scam debtors.  Many of these victims have approached our office but, on occasions, it was too late to help.

The only way you can avoid being a victim of these banks is by taking certain measures.  First of all, the bank does not want you to be represented by counsel because a competent professional can identify the predatory lending practices.  Therefore, it is essential that you retain an attorney experienced in banking law.  Second, insist on meeting with the attorney personally because some of these companies allege that their staff includes attorneys authorized to practice law in the State of Florida.  If they tell you that the attorney is not-available for the interview, it is likely the attorney does not exist and you are being misled.

Third, the majority of the banks are ignoring the modification applications submitted by loan modification companies.  The banks are well aware of the fact that once the mortgage payments are three months in arrears, they can file the foreclosure action and it is very likely the debtor will not have the financial resources to defend the suit.

Luis A. González
Attorney and Mediator
L. A. González Law Offices, P.A

(407) 649 - 8389
laglaw@cfl.rr.com