State Attorney Generals have proposed a list of rights to protect homeowners from negligent bank practices which have caused many homes to go into unnecessary foreclosure from which a foreclosure lawyer is a necessity. The many different banks which grant mortgages used unsavory practices as outlined in congressional hearings conducted when the scandalous practices of banks and other loan providers sent a myriad of homeowners in default.
Some homeowners were told before they could refinance their home loans to miss a few payments so their loans could be modified. These loan holders, who made on time payments, were often sent foreclosure notices even though their intentions were to keep payments current by requesting modifications.
Other loan providers piled on fees and late penalties to such an excess that it was inevitable that they be foreclosed on, making a foreclosure attorney their only choice to get out of the amassing debt. These homeowners say fees in the tens of thousands added to their loan principle while they sought to modify the loan and avoid default. This problem was compounded by numerous people handling their modification request delaying the paperwork and resulting in missed deadlines.
The many mistakes made by major mortgage providers have made the necessity for necessary regulations to be imposed. Some of the regulations would require banks to provide a loan holder with one person that handles their case. The banks would also be forbidden from dual tracking a loan, giving a loan modification while sending the home into foreclosure. Many homeowners still fall on hard times and despite new regulations find they must employ foreclosure lawyers to guide them with their defaulted loans.