Monday, January 25, 2010

Lit Law Group Lists 10 Biggest Mistakes Made by Homeowners Facing Foreclosure

With the number of foreclosures rising to newest highs every month, more and more consumers are searching for ways to stop foreclosure. The Lit Law Group, P.A. continues to educate consumers with weekly radio shows and news on ways to stop foreclosure.

Clearwater, FL (PRWEB) January 25, 2010 -- With so many Borrowers in Florida facing foreclosure, many of which are confused on what actions to take, The Lit Law Group, P.A., a foreclosure defense firm, has listed the “Ten Biggest Mistakes of Distressed Borrowers.” More than half of foreclosures happen without any communication between the borrower and the lender. Even with all of the government programs designed to help troubled homeowners, many are still confused about their options.

“Most of the clients I meet with are unaware of their options or have been misguided by rumor. The majority of my day is spent educating homeowners and trying to alleviate them of the pressures they are facing. I feel that most homeowners don’t understand the complexities of the Mortgage Industry and do not know where to go for assistance,” states Real Estate Attorney Brian Lit of The Lit Law Group. “95 % of our practice is dedicated to helping distressed home owners. Finding a decision maker and providing the proper documentation to a Mortgage Loan Servicer is often a daunting and frustrating task for most homeowners.”

Attorney Brian Lit and Senior Lending Executive Craig Sylvestre, co-host the “Fighting Foreclosure” show on NewsTalk 820 am WWBA Tampa. “Educating the community on current market news and how to better protect themselves from the Florida Real Estate crisis is what the show is all about,” states co-host Craig Sylvestre. “There is so much misinformation out there, troubled borrowers need a place to get the right answers.” he added.

The number one mistake is to do nothing at all according to the list:

“DO NOTHING – With 50% of borrowers making no attempt to communicate with their lenders, many borrowers are faced with the possibility of serious deficiency judgments that may total hundreds of thousands of dollars. Upon the forced sale of the property, the Lender will seek the difference in the amount owed versus what is recouped from the sale of the property (also known as the deficiency).”

The second most frequent mistake that consumers make, is to contact the bank on their own without seeking counsel.

Mr. Lit said to a media representative: “Unless you are extremely well-versed in the terms and guidelines associated with the Mortgage industry, there is a great danger in contacting the Lender on your own. There are many programs available to borrowers facing foreclosure and the Lender does not have the best interests of the borrower at heart when attempting to collect a debt." The detailed list is available for interested consumers to help stop foreclosure in Tampa on the The Lit Law Group's corporate web site.

The Lit Law Group, P.A., a Florida based Real Estate Law Firm, was primarily established as part of a legal outreach to help homeowners deal with the complexities of negotiating modifications of their existing loans (Loan Modifications) and/or working with the homeowner to sell their property where the amount may not be sufficient to pay the total of all liens and costs of the sale (Short Sales). For more information regarding the Lit Law Group, P.A., please go to or contact, The Lit Law Group, P.A., 2364 Boy Scout Road, Suite 200, Clearwater, FL 33763 at 727-388-8332 or via email at info@litlawgroup.com

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[Via Legal / Law]

Posted by prolink at 7:45 AM

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