While the worst of the housing crisis may be over, its effects are still being felt. The housing crisis has led to financial devastation not seen in this country since the Great Depression. Rather than work with homeowners to avoid foreclosure through short sales, loan modifications, refinances, or forbearance agreements, banks look to quickly sell people’s homes right from under them. In this rush to foreclosure, these banks sometimes fail to adequately transfer the underlying promissory note and mortgage or otherwise ignore long-standing law governing mortgage loan default. My practice focuses on slowing down the foreclosure process so that attempts to enter into a workout can be made and a thorough review of the bank’s conduct can be completed.
The law governing foreclosure in Rhode Island and Massachusetts has evolved over the last several years. A week doesn’t go by without a new judicial decision, local ordinance, or state or federal law changing the rules governing the foreclosure process. In order to best represent you, a lawyer must not only stay on top of these transformations in the law but anticipate where the law is headed, what practices and procedures are ripe for challenge, and which new arguments may gain traction with judges. My years of experience representing banks throughout their attempts to foreclose, including defending against homeowners’ attempts to restrain the sale, have provided me with an unparalleled perspective in these matters and the ability to apply pressure exactly where it is needed.
Together, we will review your financial situation, the public records, and the foreclosure-related documents and devise a plan that will place you in the best situation possible to either avoid foreclosure or delay it long enough so that the bank can consider a loan modification, short sale, forbearance or repayment plan, or agree to provide funds to assist in your relocation. Oftentimes, just the simple threat of litigation is enough to get a bank to delay a sale so that a workout can be reached. These banks know better than anybody that a modification or forbearance is a better alternative to a long drawn-out civil claim against them for failing to properly foreclose.
If you are facing foreclosure and are unsure about what steps to take, contact Enright Law as soon as possible so we can quickly come up with a plan.