Sunday, October 17, 2010

Mortgage Foreclosure Clients are Changing and the Temporary Boost to Our Economy

Since Bank of America, JPMorgan Chase and GMAC have come forward and decided to halt foreclosures the type of clients I am seeing is changing. My new client is someone who is confused and wondering why they are being sued if the banks allegedly stopped filing foreclosures. The other clients we are seeing, is the person who has lost their home and is interested to learn more about how they can be compensated for their home being taken based on fraudulent Court documents. It seems that the people, who are on the verge of being sued, are less inclined to contact an attorney with the banks halting foreclosures. I can't say I blame those people. Why would they need to hire an attorney at this point?

I imagine that the people who are on the verge of foreclosure are walking around with some sense of relief and extra money in their pocket. I believe that one consequence of halting the foreclosures is that there is going to be a temporary positive boost to our economy. Those people, who are not paying their mortgage, will probably be spending more money to buy other things, boosting our economy. That's a good thing, I think?

At the end of the day, the banks and the mortgage company screwed up. That's why this mess is going to linger and possibly still bring down our economy. If they weren't sloppy and in a rush to make a dollar, we would be closer to the end of this nightmare instead of on the verge of reliving it.