FCIC Report - Assessment of Conclusion
On January 27, 2011, the Financial Crisis Inquiry Commission ("FCIC") released its long awaited report on the cause of what has now come to be known as the "Great Recession." A copy of the report can be found here: http://www.fcic.gov/report.
A section in Chapter 22, Part V of the FCIC's Report, entitled "Initiatives to Stem Foreclosure: 'Persistently Disregarded'," should be read by anyone who may be considering seeking a loan modification from their lender without the help of an attorney. It touches upon just some of the pitfalls that borrowers face "going it alone" with their mortgage servicer.
So too should the following section of the same chapter, entitled "Flaws in the Process: 'Speculation and Worst-Case Scenarios'." It discusses just some of the very real problems found with lenders' claims that they have the right to foreclose on a borrower's home. Without the help of an expericenced attorney to identify these flaws, most (if not all) of these discrepencies will go unnoticed. This is particularly troubling in Massachusetts, where there is no court review of a lender's efforts to foreclose on a borrower's home UNLESS a borrower petitions the Court for such a review by bringing a lawsuit against the lender.
At The Dunn Law Group we navigate our clients through the loan modification process with their lenders and servicers. If a borrower is faced with foreclosure, we can also help them contest that action. Call or email us today to discuss how we might be able to help you. (617) 725-0033 or mdunn@dunn-lawgroup.com