desperation is a result of aggressive bank lawyers, lenders and a lack of accurate information regarding a homeowner’s rights ...I want all people facing foreclosure to know that the stress they now face will pass and life can be better again
Westwood, NJ (PRWEB) March 14, 2011
During the February 9th Committee hearing on mortgage-related violations of the Servicemembers Civil Relief Act (SCRA), Ranking Democratic Member Bob Filner (D-CA) called on Congress to make current protections against foreclosures permanent. In that hearing Federal lawmakers argued that some of the suicides among American servicemembers were linked to financial problems, including missed mortgage payments.
"This kind of story goes to show that quite often homeowners feel that their lives are so threatened by banks being allowed to essentially steal their home - despite years of service keeping our nation safe - that they feel there is no way out," says Josh Denbeaux of the law firm Denbeaux & Denbeaux upon hearing the news that missed mortgage payments were possibly related to suicide among American service people. “This desperation is a result of aggressive bank lawyers, lenders and a lack of accurate information regarding a homeowner’s rights when facing foreclosure. I want all people facing foreclosure to know that the stress they now face will pass and life can be better again.”
Recently lawmakers have been paying more attention to the collateral effects of foreclosure. As far as Rep. Bob Filner, D-Calif., is concerned, those deaths are the fault of banks that put profits ahead of troop welfare. Rep. Filner and his colleagues are particularly upset now that it is clear that America’s veterans were being targeted and pushed into foreclosure improperly.
At the February 9th Committee hearing on mortgage-related violations of the Servicemembers Civil Relief Act (SCRA) as reported in a 2/10/11 article in Military.com by author Bryant Jordan , Representative Bob Filner was quoted as saying, "I would call it homicide," said Filner, the House Veterans Affairs Committee's ranking member, during a hearing into why JP Morgan-Chase overcharged service members' on their mortgages and foreclosed on some troops' homes. The bank now admits that it mistakenly charged too much interest on thousands of mortgages of activated troops who had qualified for a 6 percent rate under the Servicemembers Civil Relief Act.
During testimony by Treasury Secretary Timothy Geithner in the February 17th Senate Budget Committee Hearing Sen. Sheldon Whitehouse, characterized the situation as being “a catastrophic bureaucratic failure on the part of the banks and the servicerers ... a huge bank bureaucracy that is incompetent, that is tormenting people, that is doing great damage to the investors."
The banks are refusing to modify loans that meet all the qualifications of the federal foreclosure prevention program known as HAMP (Home Affordabale Mortgage Program). Due to the bank’s refusal to comply with the government regulations, HAMP has not succeeded in stemming the tide of home foreclosures. Senator Sheldon Whitehouse (D-RI) recently chaired a Judiciary Committee hearing on efforts to stem the tide of home mortgage foreclosures through bankruptcy courts. The Committee heard about programs in New York and Rhode Island where the courts mediate between home owners and the banks. Senator Whitehouse has recently introduced a bill to promote these mediation programs.
"When it comes to your rights as a homeowner you need to know that you do have rights and that a bank has to follow the due process of the law to do anything involving your home. Imagine the amount of stress that an American service person is under on a daily basis and add to that the stress of a possible foreclosure causing them to take their own life. No one should have to go through that," continues Josh Denbeaux.
The lawyers at Denbeaux & Denbeaux fight for the rights of all homeowners, including service members. If you have questions or if you feel you might be getting taken advantage of, or you are in default, or are nearing default, or have refinanced and something doesn't seem right, you need to just talk to a lawyer and get a consultation to find out what you don't know, please call Joshua Denbeaux of the Westwood, New Jersey, law firm, Denbeaux and Denbeaux to answer your questions at 201-664-8855. or send an email to pr(at)denbeauxlaw(dot)com