With the worst wave of foreclosures since the Great Depression, some homeowners are fighting banks to keep their homes, sometimes with results like David and Goliath, according to Economy Watch.
In 2008, Jewel and Jack Miser of Sweetwater, Tenn., started trying to get Bank of America to adjust their mortgage when Jack lost his job because a local auto parts factory closed, according to the article.
After the Misers got consistent excuses from the bank, they found a lawyer who successfully challenged the shoddy paper trail the mortgage lender relied on to prove it owned the Miser's note, according to Economy Watch. In the settlement, the lender agreed to agreed to new loan terms that cut the couple's monthly payments by about 15 percent, paid their legal fees and stopped the foreclosure.
The Misers and other homeowners alike, who are trying fighting lenders in court, are using the legal quagmire constructed by the mortgage lending industry to win loan adjustments that lenders have been unwilling or unable to voluntarily extend, according to the article.
"There are more (homeowner) claims because lenders operated in flagrant disregard of the law," Diana Thompson, a veteran consumer attorney with the National Consumer Law Center, told Economy Watch. "You only have a claim against the lender if the lender didn't do what they were supposed to do."
Click to read the whole article at Economy Watch.
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