Most banks and bankers are honest. Most will conduct themselves honestly, in a fair and ethical manner. Some don’t. While we cannot expect compassion from a bank, we can expect honesty. We can expect banks will honor their agreements.
A client I worked with had experienced some financial challenges and had fallen behind on his house payments and had received a Notice of Foreclosure. He had a very low-quality loan, which was comprised of a first and second, with a balloon payment at the end of 5 years. Any money that would be due to him was eaten up in lending fees. Despite this, he wanted to save his home and started taking action. He finally was able to work out an agreement with his bank, where he would be able to make up the back payments. In return, the bank would agree not to sell the home in a foreclosure sale. This agreement was documented through a series of forbearance agreements.
My client took on extra work and even sold personal possessions to get enough money together to catch up on his bank loan. He was able to gather the money together and paid the bank everything he owed them. What did the bank do? They sold the home anyway and served his 14-year-old daughter with an eviction lawsuit. He went to legal aid, who said it was too late. They couldn’t help him.
By the time he came to our office, he was understandably upset and didn’t know where to turn. This client had done everything he could do to remedy the situation and had the documentation to prove it. We took the bank to court to defend my client’s right to his home.
We ended up settling his case. We were able to persuade the bank to agree to a reduced balance and substantially lower interest rate. This greatly reduced our client’s monthly payment. The bank even agreed to pay half of our client’s attorney’s fees. Most importantly, our client was able to keep their home.
If you have a legal issue and aren’t sure where to turn, come in and talk to us. We will give you a fair assessment of your case and advise you if legal action is in your best interest. If you would like to talk with us, just hit reply to schedule a Get Acquainted Call.