The nation’s largest banks recently settled with state and federal officials who accused them of robo signing and other abuses of the foreclosure process. As part of those settlements, Bank of America, Wells Fargo, JPMorgan and most of the other national banks agreed to provide billions of dollars in “relief” to consumers.  The primary form of “relief” that the banks are engaging in is modifying millions of mortgages all across the country and right here in Florida.

But consumers should not sign mortgage modification agreements and they should not continue to make trial or permanent mortgage modification payments until they consult with an attorney first.

“Before a consumer sends another month’s mortgage payment to a bank, they should ask two questions. First, do you trust bank lawyers? Second, do you trust the government? If you answered no to either one of those questions, then you should consult with a foreclosure defense attorney.” says St. Petersburg, Florida foreclosure defense attorney Matt Weidner.

If a consumer is in foreclosure, behind on their mortgage payments or are many months into a trial or permanent mortgage modification, they need to recognize that a mortgage modification is just as serious as a foreclosure case. And whether you’re in foreclosure or not, you should retain and consult an experienced foreclosure defense attorney to protect your rights.

“The banks have attorneys and their attorneys are working to foreclose on Floridians while at the same time, consumers are being tricked into signing mortgage modification agreements.” According to St. Petersburg, Foreclosure Defense attorney Matt Weidner. 

This common bank foreclosure tactic, known as “dual tracking” was specifically addressed in the historic National Mortgage Settlement Agreement entered into between the nation’s five largest banks, Bank of America, Wells Fargo, JPMorgan Chase, GMAC/Ally  and CitiMortgage. And while the terms of the National Mortgage Settlement were intended to put an end to such practices, they are still occurring.  Consumers are lulled into complacency, they are often told by the banks explicitly that they do not need a foreclosure defense attorney to protect their interests, but that’s just not true.  Especially when dealing with the big banks who have engaged in grossly abusive conduct, consumers need an advocate to serve their interests.

Contact Matt Weidner directly at weidnerlaw@yahoo.com to review your options before making another mortgage payment.

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