Chicago, IL (PRWEB) May 31, 2011
The foreclosure epidemic in the United States is displaying no sign of slowing down, especially given that millions of Americans are underwater on their mortgage, owing much more than their residence is worth.

Facing foreclosure is stressful for families, specially if they do not totally comprehend the approach. To educate home owners about the options that are obtainable, the Neighborhood Neighborhood Foundation will conduct a cost-free foreclosure prevention workshop on June 2 from 7 p.m. to 9 p.m. at the Comfort Suites at 2480 Bushwood Drive in Elgin and on June 4 at the Comfort Suites at 1100 East Higgins Road in Schaumburg.

An independent, nonprofit organization primarily based in Sarasota, the Neighborhood Community Foundation strives to assist residents create a much better understanding of the foreclosure process, recognize their legal rights, and find out about their options and prospective solutions so they can remain in their residence.

“Several American home owners at present in foreclosure are getting victimized by fraudulent actions from lenders and/or lawyers, said Adam S. Tracy, a Chicago region foreclosure defense lawyer who will serve as the keynote speaker at the June 2 workshop in Elgin and the June 4 workshop in Schaumburg. Information is energy, and homeowners can a lot more efficiently fight foreclosure by being aware of about the method and understanding how it straight applies to their predicament.

In recent months, several stories about foreclosure-connected fraud committed by lenders have surfaced in the news. In addition, there is proposed legislation developed to support property owners facing foreclosure.

In the Senate, Jack Reed, D-R.I., recently reintroduced a bill that would toughen needs on lenders to modify their loans. Senator Sherrod Brown, D-OH, launched a bill that, if passed, would function a range of consumer protections for mortgage borrowers. Neither bill has been approved by the Banking Committee, but the bills offer you examples of proposed legislation that would benefit homeowners.

As for the rampant fraud, a recent Palm Beach Post post that reviewed court documents discovered that 116 Palm Beach County circumstances in which attorneys for banks asked a judge to ratify a final foreclosure judgment even though erroneous documents may have been utilized to foreclose on the home.

According to the report, the banks attorneys sought to move forward on the foreclosures despite their full knowledge of “robo-signing” and forged documents. Main lenders – like PNC Bank, Bank of America and J.P. Morgan Chase – acknowledged final fall that their employees practiced “robo-signing, admitting that tens of thousands of foreclosure documents had not been reviewed. This led Attorneys General in all 50 states to initiate a federal bank investigation on grounds of perjury and fraud.

Some state courts are recognizing that there are problems with lender foreclosure filings however, many judges are hesitant to point out problems in loan documents unless a homeowner challenges their case in court.. The most typically cited explanation for a judges willingness to overlook troubles in the bank documents is the massive backlog in the courts.

Lender violations are generally found in eight out of 10 reviewed loan files, but unless homeowners take legal action to defend against the foreclosure, they will not avoid the bank from repossessing the property., Tracy explained. The volume of errors and violations on loan documents is staggering. Banks must be held to the exact same level of accountability as every single business in America.

For the duration of the workshop, Tracy will share totally free legal guidance about the most frequent types of errors and violations found in loan documents and offer a full explanation of the laws that shield homeowners when facing foreclosure eviction. In addition, property owners will get details from participating non-profit agencies to help them appropriately assess a sensible course of action for their wants.

Subjects of the workshop contain: