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Southwest Florida's "Philadelphia Lawyer"

Thomas Carrero, Jr.
(941) 624-4LAW (4529)

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Foreclosure

You know the real estate market is in trouble when lawyers have to get heavily involved.

When times are good, real estate attorneys are retained to facilitate closings.

In today’s financial landscape, attorneys now find themselves navigating the multitude of negotiations and transactions required to successfully complete short sales, “friendly” foreclosures or deeds-in-lieu of foreclosure for their clients’ homes. In some cases, true litigation attorneys like those at Carrero Law Group, may even sue banks to prevent foreclosures altogether.

 

Carrero Law Group helps homeowners who choose to fight a pending foreclosure by assigning their file to an experienced attorney who will examine their loan documents and, if warranted, help them sue the lender over violations and misrepresentations in the mortgage paperwork, which will hopefully lead to the negotiation of a new, better loan and keep them in their homes.

Carrero Law Group estimates that more than 80 percent of residential loans written since 2003 contain fraud and predatory lending violations in the form of tax returns that don’t match income statements, inflated home appraisals and other misrepresentations.

Another problem tripping up lenders is a law requiring a mortgage note — a “chain of title” documenting a loan from origination to close — to be kept with each mortgage. Since most mortgages were transferred multiple times and packaged together and sold to investors, a lack of documentation has also been grounds for lawsuits.

Carrero Law Group has also questioned whether a loan servicer, who originally made the loan but has since sold it to another group, has the right to foreclose on anyone. The firm also has jumped on recent news about banks “robo-signing” affidavits — basically having a few employees sign court papers for thousands of foreclosures — claiming they have read documents for each loan and they are accurate.

“Signing those without reading them is like committing perjury”, Carrero explained.

“The easiest loans to litigate, from the homeowner’s standpoint, however, are the tricky loans involving negative amortization and adjustable rates because the paperwork was often done incorrectly, so full disclosure was not provided to homeowners and people were sucked in over their heads”, Carrero said.

“The banks have engineered the lending industry over the past several years to be able to constantly profit from the same loans,” Carrero said. “And they aren’t used to being challenged.”

Unfortunately, most homeowners don’t realize that they can challenge the banks. So Carrero Law Group has made it their business to educate homeowners in trouble.

Carrero Law Group urges homeowners to take proactive, assertive steps to ensure a foreclosure is stopped for good. They use subpoenas, lawsuits, discovery and other strategies to get the bank’s attention and let them know the homeowner means business.