What you need to know about Mortgage Servicing Litigation
Mortgage Servicing Litigation is the last avenue for more borrowers who believe they have a case.
Mortgage Litigation Report is something I keep an eye on. Mortgage servicing litigation has skyrocketed 88% in the 2011 first quarter. These figures were released last week in a report by MortgageDaily.com and law firm Patton Boggs LLP. Reasons given include all the robo-signing scandal uncovered last fall and all the media attention this received.
Frankly, I’m only surprised that increase wasn’t higher, given all that I have read about the robo-signing mess and the many cases uncovered by media around the country. Some of these banks even tried to foreclose on active duty military families when there’s a law expressing prohibiting this.
“We expect that all aspects of servicing litigation will remain active as state and federal regulators as well as financial institutions, investors’ bankruptcy trustees, and borrowers continually seek new avenues to pursue claims based on servicers’ conduct,” explained Patrick McManemin, a partner in Patton Boggs’ Dallas office.
Legitimacy of any claims aside (because I’m sure there’s a mix of legitimate and bogus claims), we are a litigation-happy society in the United States. I’ve made the claim before and I’ll say it again, the only ones who are going to get rich off robo-signing, botched loan modifications and foreclosures, are the attorneys.
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If you are experiencing a problem with Loan Modification or Short Sale mishandled by the servicer you need to know about Mortgage Litigation Services