SOURCE: Sackrin and Tolchinsky, P.A.

March 25, 2010 17:08 ET

Lawyers Nationwide Mount Successful Defenses to Stop Mortgage Foreclosures

Opportunity for a Homeowner in Jeopardy to Remain in the House and Even Have the Mortgage Eliminated, According to Sackrin and Tolchinsky, P.A.

MIAMI, FL--(Marketwire - March 25, 2010) - Few homeowners facing foreclosure know about an effort that lawyers around the country are mounting that can effectively stop mortgage foreclosures in their tracks. Bankers, however, would prefer that this information not reach the general public because they know it could bring the financial system to its knees.

Up to 95% of mortgages created within the past 10 years were securitized (bundled and sold to investors through a series of transactions), subjecting them to various contractual obligations in addition to State and Federal laws and regulations.

For example, the mortgage loan originator is required to satisfy several procedural assignments in order for these bundled mortgages to be properly transferred to their eventual owners. Since these procedures were not followed in most cases, the mortgage foreclosure plaintiffs are often unable to legally prove ownership of the mortgage in contention. That allows a homeowner's attorney to build a defense based on the position that the plaintiff in the foreclosure case lacks the authority to enforce the mortgage.

What's the impact of this defense on the homeowner facing foreclosure? According to Florida real estate attorney Larry Tolchinsky, who's been recently interviewed by CNNMoney, Bloomberg, and USA Today on various foreclosure issues, there are several advantages. "At the very least," said Tolchinsky, "the homeowner can continue to reside in the home without making additional mortgage payments while the courts are determining whether that mortgage foreclosure effort is enforceable. In many instances, the result is that the lawsuit either sits dormant for years or the case is dismissed. In the best case scenario, the homeowner's attorney has the opportunity to file a legal proceeding called a Quiet Title Action, which can eliminate the mortgage altogether."

Property owners who are facing the possibility of either a residential or commercial property foreclosure -- or who have defaulted on their mortgage payments -- are encouraged to contact experienced real estate foreclosure attorneys for guidance on the foreclosure defense process, along with an understanding of their legal rights.

The firm of Sackrin and Tolchinsky, P.A., is experienced in handling foreclosure cases and other areas of Florida Foreclosure Law. Contact their office at (954) 458-8655 to arrange a no-cost, no-obligation initial consultation.

Contact Information

  • Sackrin and Tolchinsky, P.A.
    (954) 458-8655