George Smith The Lawyer That Sues Banks
 

If you are reading this, chances are you closed on a mortgage loan without a lawyer.  Almost no one used a lawyer when they refinanced their home and many chose to forego legal representation at closing on home purchases. 

An ounce of prevention is still worth a pound of cure.  If you see a foreclosure coming because you know you won't be able to continue to  make your mortgage payments or you are receiving threatening letters from the bank, or worse yet, been served with a lawsuit, you may want to take the time to get some legal advice and assess your options.  Find out the value of your legal rights.   

Have you ever sold anything, or bought anything for that matter, without having an idea of its value?  I don't know of too many people that can afford to buy--or sell--"pigs in a poke." The pig could turn out to be a Mona Lisa or just a scrawny little rat.  The point is, the poke should be opened and the contents examined before any money changes hands.  I can do that for you.  I can give you a good idea of the "value" of the loan you signed up for and whether or not you can turn that loan into a legal weapon to save your home or go after the people that helped put you in the predicament you find yourself  in today.  I have the knowledge and experience not only to "appraise" the value of your "pig" but market it for sale as well. 

If you have closed on a loan,  you've probably  heard the phrase, "worst case scenario."  Well, it makes sense to plan for that.  Lawyers don't win every case.  You should have a Plan B regardless.  How long do you have to stay in your home before the law comes knocking at your door?  What, if anything, can you do to prevent that?  Is a loan modification a viable option?  How can you prepare yourself to move, if it comes to it?    What are you going to do?  Where are you going to live?  How can you protect yourself and your family?  All of these questions need answered.  Life isn't guaranteed but it makes sense to at least plan for the future in the event we are fortunate enough to live another day. 

It may make sense to consider filing bankrupty at some point.  Bankrupcy stops all court proceedings including foreclosure proceedings and sheriff's sales of homes.  If you lose the foreclosure and the bank sells your home, it will generally get judgment against you for the difference between what you owed and the sale price of your home at public auction.  If it chooses to do so, once it gets a judgment, it may garnish your wages, attach your bank accounts and seize assets not exempt from attachment. 

I don't do bankruptcy.  I know just enough about it to be dangerous.  But, I know some lawyers that do.  Depending on the situation, I may refer a client for a bankruptcy consultation.  I think it is an important part of Plan B strategy planning. 

Having a foreclosure on your credit record is the worst hit you can take to your credit reputation--worse than bankruptcy.  Part of your planning should include repair of your credit reputation--or, if you address the sitution quickly enough--prevention of injury to your credit reputation.  Good credit is an asset.  People with good credit get better loan terms (lower interest rates, lower payments, and higher loan-to-value (LTV) on everything.  Bad credit, however, can be repaired over time.

EVALUATE YOUR POSITION, PLAN FOR THE FUTURE AND ACT. 



   




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