The ghosts of the mortgage crisis from the Great Recession that started in 2008 continues to rear its ugly head in 2016.
What happens when the second mortgage on your home was transferred several times as lenders and servicers went out of business in 2008, leaving you wondering where you are supposed to be sending your monthly payments? Well, we do not suggest that you wait ten years to figure it out but that is what happened with one of our recent real estate clients.
Our client was trying to refinance her home . . . repeatedly. As part of the refi, she intended to pay off the second mortgage. After all, the value of her home in Denver had skyrocketed since the dark days of 2008.
One problem: No one wanted to take her money. A refi was not possible with the second mortgage still on the home.
At her wit’s end, she hired us. Within a week, we filed a lawsuit to quiet title to the property. That got some attention from the lender who held the mortgage.
What happened next? The lender wrote off more than $20,000 in accumulated interest over the past ten years in order to settle the lawsuit without a trial.
A modest investment in legal fees on the front end paid off nearly ten times over with 20,000 in interest savings. And the client was finally able to get a new loan at a lower interest rate.
Real estate litigation. No two cases are the same. Contact us to review your situation.
Staggs Morris, P.C. — Winning trial lawyers. On your side.