News Column

Foreclosure Still Threatens Many Homeowners, Cautions WT Lee & Associates

May 7 2013 12:00AM

Marketwire

Tracker

NEW YORK, NY -- (Marketwired) -- 05/07/13 -- According to the legal team at WT Lee & Associates, billions of dollars have been given to aid homeowners struggling against financial uncertainty, and against the threat of foreclosure, in particular -- but it may not be enough. To illustrate its point, the firm points to a recent report from The New York Times. The New York Times notes that, five years ago, the nation's biggest banks reached a settlement agreement with state and federal officials, over what were perceived as massive foreclosure abuses. Now, these banks take credit for providing half a million homeowners with aid money totaling $45.8 billion -- and yet, there are still countless families struggling in the face of foreclosure. WT Lee & Associates has weighed in on this explosive issue with a new statement to the press.

According to the article, banks claim that they are still working hard to help homeowners avert foreclosure. The article also cites a recent comment from Shaun Donovan, the secretary of housing and urban development. Donovan helped facilitate the settlement, and now says that most banks are "exceeding" all expectations -- despite the fact that many homeowner advocacy groups say that America's homeowners still face enormous challenges.

WT Lee & Associates has issued a comment on the issue. "Banks continue to try different ways of kicking homeowners out of their homes," the law firm remarks, in its new press statement. "Instead of spending settlement funds to keep borrowers in their homes by modifying their first mortgage, they are using it to adjust second mortgages and finance short sales. If a bank adjusts or even totally forgives a second they can still foreclose on a first and take the home. Of course, in the case of a short sale the homeowner must sell the home. Therefore, the bank can make it look like they are spending billions to assist homeowners while putting them out on the street."

The New York Times article affirms these points, noting that much of the aid money has gone to second mortgages rather than primary loans.

WT Lee & Associates, meanwhile, is a legal team that seeks to help homeowners do whatever they can to avert foreclosure. This includes offering consultation and representation in loan modification cases,. WT Lee & Associates also offers its legal services in foreclosure litigation and in bankruptcy law.

ABOUT:

WT Lee & Associates is a law firm that strives to help homeowners remain in their homes, even during periods of financial crisis. The firm offers a number of foreclosure prevention services, including guidance through the loan modification process. Additionally, WT Lee & Associates provides services in real estate litigation, in bankruptcy law, and in upholding the rights extended through the Fair Credit Reporting Act and the Fair Debt Collection Practices Act. Ultimately, the firm's passion is for working to help homeowners and their families find the best way forward out of economic uncertainty, and toward reaching all of their financial dreams.



Source: Marketwire


Story Tools






HispanicBusiness.com Facebook Linkedin Twitter RSS Feed Email Alerts & Newsletters