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Mystery mortgages may lead to new foreclosure crisis Atlanta, GA

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Mystery mortgages may lead to new foreclosure crisis

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Imagine this scenario: you have recently been approved for a refinancing on your mortgage. This significantly lowers your interest rate, and allows you to save hundreds of dollars each month. But after making your new payments on time for several months, you receive a notice from the bank, informing you that you are delinquent on your payments and that your home is in danger of going into foreclosure.

Unfortunately, this scenario is taking place throughout Georgia and the country, as homeowners continue to suffer the repercussions of banks’ irresponsible and illegal actions. Homeowners are receiving foreclosure notices for home loans they have paid off through a refinance, for homes they no longer own, or for loans that have been paid in full through bankruptcy or otherwise. Even when this doesn’t result in the loss of a home, it can take a significant toll on a homeowner’s credit score.

The reason for the influx of homeowners being accused of failing to pay “ghost mortgages” stems back to the housing boom and robo-signing scandal, according to bankruptcy and foreclosure attorneys. Scrambling to keep up with the influx of home sales, banks falsified paperwork and kept sloppy records when loans were later sold to investors around the world. And when the housing market crashed and the wave of foreclosures began, banks again began engaging in irresponsible recordkeeping in order to foreclose on as many homes as possible.

Now, it is homeowners who are paying the price, with little chance of relief. “Once the system has marked you as delinquent, there’s just this massive machinery that takes over,” said one housing attorney. “There are people whose lives are destroyed by the system, and there’s no way to fix it.”

Source: Reuters, “Old mortgages rise from the dead, haunt homeowners,” Michelle Conlin, Jan. 26, 2012

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Gingold & Gingold LLC
5.0 / 5.0

Based on 28 reviews

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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