I was keeping track of the number of Sheriff's Sales stopped, but I decided that this gave the wrong impression to viewers. An attorney should not be consulted as a matter of last resort. Instead an attorney should be consulted early in the process and the sooner an attorney is consulted the more likely a Homeowner will have a favorable result

The Law Office of Bruce M. Broyles

2670 North Columbus Street, Suite L, Lancaster, Ohio 43130

Phone: (740) 277-7850 / (330) 965-1093

The Ohio Rules of Professional Conduct suggest that the reader be informed that one of the purposes of this blog is to attract potential clients, and therefore should be considered attorney advertisement

Wednesday, November 23, 2011

Occupy Our Homes

The Occupy Wall Street Movement is making a concerted effort to focus the attention on the Foreclosure Crisis in America.  It will not take the Standardized media long to attempt to marginalize this effort as "people who just want a free home"; "deadbeats", and "people who bought more house than they could afford".  On December 6, 2011, there will be National Day of Action.
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Regardless of what was the initial stumbling block for the Homeowner; a Homeowner misses a payment on his mortgage.  As a result, the Homeowner is at the Bank's mercy.  The entire balance will be accelerated and considered due and owing if the Homeowner does not pay the full amount declared by the Bank to be due.  This amount will include late fees and various charges that raise the amount required to bring the account current to an amount that is just slightly out of the Homeowner's reach.  If they struggle to make that payment; there's a good chance the next month's payment will be a struggle also.  As a result, the Homeowner is now involved in a constant struggle to make the monthly payment.

Eventually, the Bank is able to accelerate the entire amount due and owing.  Shortly thereafter, a foreclosure complaint will be filed.  In a rush to clear the overcrowded court dockets, the rights of Homeowners are steamrolled.  To date I have become involved in a number of cases after the Foreclosure Decree has been issued.  In those files, I believe that there have been numerous mistakes made by the Courts.  Each and every mistake has been to the advantage of the Bank.

The part that is not clearly understood is "why would the Banks want to force a foreclosure?"  Don't the Banks lose money when a property goes to Sheriff's Sale?  No.  Through Government Guarantees and PMI the Bank will be paid the amount of the mortgage over a period of less than three years instead of over a period of thirty years.  Why do you think that TARP funds can be paid back so quickly?

While I do not agree with each and every position taken by the Occupy Movement, I do believe that much more attention must be given to this issue.  If the Occupy Movement can bring attention to the issue, then I support their efforts.

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