SOURCE: The Mortgage Law Group

The Mortgage Law Group

October 04, 2011 18:28 ET

The Mortgage Law Group Expands Its Reach

The Mortgage Law Group, a Leading Mortgage Defense Law Firm Based in Chicago With a Network of Office Locations, Is Expanding Its National Reach With an Army of New Attorneys

CHICAGO, IL--(Marketwire - Oct 4, 2011) - The Mortgage Law Group is assembling an army of foreclosure defense attorneys in an effort to assist struggling homeowners obtain mortgage relief. The Mortgage Law Group is a national law firm headquartered in downtown Chicago with over 140 member attorneys in 46 states.

The firm has developed a system to prepare for the wave of foreclosures backlogged in the banking system as a result of the housing crash of 2008. Many lenders have halted foreclosures in an attempt to soften the blow to the real estate prices, but this only further intoxicates their loan portfolios. The Mortgage Law Group believes these lending institutions are preparing to speed up the foreclosure process incrementally to remove property owners that haven't made mortgage payments in months, but questions whether this is the healthiest choice for the economy.

"What's really needed here is for lenders to be willing to take a small haircut on the principle value of the loan and simply adjust the payment terms to reflect the current value of the property," says lead attorney Colin Banyon.

"This way there won't be a glut of homes sold on the auction block at fire-sale prices that will only further exacerbate the problem of a declining real estate market. The truth is many of these lenders are not in the right. There have been numerous errors through the underwriting process, chain of title, and securitization of mortgages that really does provide a strong defense against lenders improperly and in some cases illegally foreclosing on homeowners. We intend to defend our clients in hopes the lenders will do the right thing and modify the terms of the loans so we can eradicate this foreclosure crisis once and for all."

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About The Mortgage Law Group:

The Mortgage Law Group is one of the most sophisticated consumer protection law firms nationwide. They've helped thousands of consumers save their homes and restore their lives. With offices located throughout the country, the firm's goal is to deliver outstanding service from highly qualified mortgage relief attorneys.