Information Regarding Foreclosures

Wednesday, November 10, 2010

No doubt, you have seen the recent spate of stories in local and national media chronicling the residential mortgage foreclosure “crisis.”  Lenders are being challenged (and in some cases sued) for collection and foreclosure practices characterized as rampant, widespread, shoddy and even fraudulent.  As a result, some lenders have temporarily suspended commencement or continuation of foreclosure actions, parties and courts are carefully scrutinizing affidavits in support of motions for summary judgment, and an energized consumer debtor bar is seeking cases to prosecute against lenders.  Individual and class cases against lenders, seeking to enjoin foreclosures and to recover damages, have been filed in several states including Maine.  Pleadings are being filed in pending garden variety foreclosure actions asserting counterclaims for Truth-in-Lending violations and wrongful foreclosure.  State attorneys general across the country are investigating foreclosure practices.

            All of this comes on the heels of major amendments to Maine’s civil action residential mortgage foreclosure law, which impose significant new, detailed requirements on mortgage lenders in connection with the foreclosure of residential mortgages.

            With a Banking & Financial Services Group and a Bankruptcy & Creditors’ Rights Group focused on representing banks and lending institutions, and decades of hands-on experience advising and assisting clients with regulatory compliance, collections and foreclosures, and governmental investigations, Pierce Atwood is uniquely situated to help lenders traverse the increasingly tricky and risky mortgage foreclosure path.  

            Following the same old practices and procedures is not an option; but neither is ceasing collection activities.  Let us help you.  We can review your pre-foreclosure policies and practices, assist you in responding to governmental investigations, prosecute your collection and foreclosure cases and, in the unfortunate event a counterclaim or complaint is filed against you, defend the claim.   We have the experience, expertise and depth to make sure it’s done right. 

For assistance, contact Rick Hackett, rhackett@pierceatwood.com, 207-791-1280, or Jack Manheimer, jmanheimer@pierceatwood.com, 207-791-1338.