Revolution Comes from the Bottom Up – Never from the Top Down

“Big Banks Easing Terms on Loans Deemed as Risks”
New York Times, 7/3/11

JP Morgan Chase and Bank of America would not have given these homeowners the time of day if individual homeowners across the country hadn’t taken them on, by insisting these banks prove ownership of the mortgages and promissory notes on their homes.

Often the banks cannot prove ownership.  They are granting these “generous” loan modifications to avoid having more delinquent mortgages and losing more foreclosure cases for lack of standing to foreclose. 

Don’t settle for a loan modification just because a bank gives it to you without asking first.  A generous bank is an oxymoron.  You may already own your home free and clear of any mortgage.  You may owe the bank nothing. 

In fact, another bank may own your mortgage and promissory note.  That bank may sue you later even if you make all “modified” payments to the first bank.

Don’t become another victim of mortgage fraud by JP Morgan Chase, Bank of America or another major bank.  If a bank gives you a deal that sounds too good to be true, contact the LeNoir Law Firm to learn your legal options.

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