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Bank settlement offers partial relief for some wronged borrowers Atlanta, GA

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Bank settlement offers partial relief for some wronged borrowers

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Federal regulators announced a deal worth approximately $8.5 billion in a settlement with ten different banks which promises justice for borrowers who were wronged by careless foreclosure practices. The deal may offer relief for many homeowners who were unfairly foreclosed upon by the banks, but some worry that the hasty conclusion of a partial review of the records by government regulators means that the sum will be insufficient to remedy the full scope of the damage.

Since the review was not fully completed the settlement will be spread out among a large number of borrowers who were victims of the unfair practices without consideration to the level of harm that they suffered as a result. This means that some people will be getting payments that overcompensate them for the harm while others may not receive enough to become whole again.

The case is just one more example of a system that is difficult for borrowers to navigate and that sometimes offers only partial justice for people who became victims of shady lending and collections practices.

Many Atlanta families have been harmed by confusing and misleading lending practices, balloon payments on their mortgages, and hasty foreclosure practices by the bank. While this settlement could end up helping some, it is also important for borrowers to figure out if they have other options such as debt restructuring, loan modifications, or a Chapter 7 or Chapter 13 bankruptcy filing, all of which are options that could alleviate some of the burden as well.

Source: New York Times, “Bank Deal Ends Flawed Reviews of Foreclosures,” Jessica Silver-Greenberg, Jan. 10, 2013.

Our Georgia law firm helps families facing foreclosure. More information is available on our Douglasville home foreclosure page.

Posted on behalf of Gingold & Gingold

1718 Peachtree St NW, #385
Atlanta, GA 30309

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Jack L.

They did an excellent job with my case. Jamie took the time to really listen and understand things. She delved into the details and was extremely knowledgeable and non judgmental. Very professional and they know what they are doing. Would definitely recommend!

All C.

Mr. Gingold was recommended by an attorney I had worked with previously. I met with Ira Gingold to discuss credit issues. He went over each specific issue thoroughly. He advised me of the potential outcomes. He did all this in one meeting for a very reasonable price. When we finished I was confident in moving forward with a resolution. He definitely wants to help people take the appropriate course of action for their circumstance.

Karen B.

Dear Mr Gingold, There are so many reasons to be thankful for all you have done and will do. Anyone who has ever had unfavorable experiences with an attorney or the legal system will feel the trepidation that I experienced once I realized that my situation seemed hopeless. It was by chance and happily good luck that I decided to put my future and sanity into your hands. I was mortified at having to deal with my debts by claiming bankruptcy. I remember in our first meeting how you assured me that I was not alone and should not feel ashamed. And, anyone in this position obviously does not have money to spare and you were clear about all the costs and allowing me to pay according to my own ability to do so. You advised me in all aspects of the law, but also, you were at each meeting incredibly supportive and complementary of my personal and professional plans. Anyone else in this situation should feel blessed to have access to your expertise and support.

Lyla B.

I thought the process of filing bankruptcy was going to be a difficult one. However, Gingold & Gingold treated me with respect and dignity from the moment I walked through their door. I had the pleasure of working with Jamie. She is very responsive, professional, and knowledgeable. She took the time and listened to my every concern and handled each and every one of them to my satisfaction. My experience with filing bankruptcy under Gingold & Gingold's representation exceeded my expectations in a major way. They gave me such a peace of mind. I am very pleased with my decision of going with Gingold & Gingold to represent me when I filed Chapter 13 bankruptcy.

Julie T.

Wow! I am finally out of debt and can say that I am debt free after completing my chapter 7 bankruptcy case with Gingold and Gingold. Mr dangled was very knowledgeable and direct with regard to my debt situation. there were no surprises and the case went as I was advised. The staff was also very helpful whenever I had a question. I will definitely recommend them in the future to my friends.

Sherard W.

I cannot say enough about this law firm. From the initial consultation to our discharge, the entire office kept me updated with every step of the entire process. I came to the Gingold after a bad experience with another law firm. Ira and Jamie immediately began treating me like family through this experience. In the end, they assisted with eliminating many debts including my 2nd mortgage. I cannot say enough about the experience and knowledge that Ira brought to the table from the office visits to the court time. Thank you very much for helping me through this tough time. Thank you.

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