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  1. #7

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    Quote Originally Posted by mam2009 View Post
    That's a broad brush you're using to paint over a very complex and nuanced situation. In many of those cases, borrowers were ADVISED BY their bank to miss payments so they would qualify for modifications. Prior to the advent of the mortgage modification/mass foreclosure law firms, borrowers were accustomed to an environment where banks wanted to retain the revenues generated by interest and servicing fees paid by its consumers. The Trotts of the country helped cultivate a new dynamic where it was more lucrative for them to complete foreclosures than to modify or even maintain the existing mortgage [[if one didnt qualify for modification).

    Disclaimer: I am one of those consumers who "successfully" fought Bank of America in getting my foreclosure rescinded because of the obvious railroading and deceptive tactics used by Bank of America and its attorneys, Trott and Trott.
    This is the truth that needs to be told. The fact is that Trott and Trott and other firms like them encouraged and pushed foreclosures [[more $$ for them), in cases where there was a settlement or modification process underway or available, and even in cases where there was a temporary lapse and the owner was able to catch up and continue their payments. But their aggressiveness and thir deceptive tactics have effectively changed the rules midstream on homeowners [[with no notice at all).

    Now, there is obviously a point when a mortgage in default needs to be foreclosed, including actually putting the non-paying residents out. The fact that I and many others wouldn't do that job for a billion bucks doesn't mean that it's not a legal and legitimate business, or that it doesn't need to be done in a lot of cases. The problem with Trott and Trott is that they have been extremely aggressive in enforcing foreclosures on people who were willing to work with the banks, etc., who wanted to pay and wanted to stay, but often just needed a little help or a little time.

    This has a huge cost for our communities in families left out in the street who need to be housed and much more vacancy and abandonment of homes that could still be occupied and maintained. Much of this is unnecessary and only profits Mr. Trott and his firm.
    Last edited by EastsideAl; May-19-14 at 09:30 AM.

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