These days, you can’t read the newspaper without reading about another financial institution temporarily suspending its foreclosure cases to review its internal procedures. GMAC, JP Morgan Chase, and Bank of America are just a few worth mentioning. You may be wondering “what does that mean to me”? If you have been following any of my writing in the last few months, I have been suggesting that simply “walking away”, delivering a “deed in lieu” of foreclosure, or abandoning the property is not on the property owner. best interests.

What has happened sooner than expected has been the “stopping” or “slowing down” of cases by some of the major lenders as they have tried to review their foreclosure procedures. More surprisingly, lenders have recognized what many foreclosure defense attorneys have been saying for months: the “procedures and documents are defective and/or fraudulent and violate the ‘due process rights’ of the owners. As a result, it is clear that these foreclosure actions and/or judgments should not be allowed to proceed or remain in place as the very basis of these cases is tenuous at best.

The weight and impact of that argument have finally taken hold. But will this spell the end of foreclosures? No. What it means is that we will enter a phase where loan modifications Y shorts sales will finally take on a significant new role. Lenders appear to be recognizing the risks of relying on faulty (possibly fraudulent) documents. That recognition should now set the stage for meaningful loan modifications and short sale negotiations to take place. I think lenders will weigh, carefully, cautiously, but dare I say “realistically,” to enter into negotiations where “principal reduction” and “deficiencies waiver” will be part of the conversation.

In this new environment, competent and experienced negotiators will make the difference as you seek lasting modifications and short sales where you sell the property and don’t need to endure years of fear of being sued for the deficiency.

As the foreclosure landscape changes and lenders now seem more willing to negotiate in “good faith,” Reyes Law Group can bring more than 22 years of experience, expertise, and passion to defending a foreclosure action or negotiating with lenders for a loan modification or short sale approval. In previous writings, I have said that real deal talks at the right time can lead to a fair and reasonable outcome. Today more than ever contact a FORECLOSURE DEFENSE An attorney who understands the process and objective can help you aggressively litigate your case, negotiate your loan modification, and/or successfully close your short sale transaction. In the end, you deserve a passionate voice to help you defend your property and preserve your rights!