A Florida attorney and homeowner, Lynn Szymoniak, just went from being a foreclosure victim to millionaire, reports The Huffington Post.
How did she do it? Well, she became a bit of foreclosure investigator and got paid as part a settlement by the big banks to the tune of $25 billion, previously reported by FindLaw's Boston Real Estate News.
It was those well known and scurrilous robo-signings that drove Lynn Szymoniak to start looking into foreclosure fraud. Robo-signing refers to the practice of banks making up false paperwork or authorizing documents without checking them.
As a result of robo-signing, numerous banks have had to go back and re-evaluate their loans. And, of course, as those loans went bust, that had a massive impact on the rest of the economy too, as people that have watched the film Margin Recall are aware.
Of course, even though the settlements are coming through the pipeline, doesn’t mean that the foreclosure crisis is coming to an end. In fact, recently a number of states saw an increase of 20 percent of more on default notices, one of these being Massachusetts, reports Reuters.
A home default notice is a bit like a trigger for a foreclosure.
When faced by a foreclosure, you probably want to consider your options — do a short sale, declare a bankruptcy to get an automatic stay, or maybe just throw in the towel. For all of these decisions, and the impact that they will have on your future buying power, you should speak to a Boston real estate attorney. He or she can tell you what the trends are in Boston real estate and what is likely to save you the most money.
All of us can’t be Lynn Szymoniak.
- Find a Boston Real Estate attorney (FindLaw)
- Federal Foreclosure Investigation Fingers Supervisors (FindLaw’s Boston Real Estate Law News)
- Mortgage Servicers (FindLaw)