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Dual Tracking

Florida Homeowners Need to be Aware of ‘Dual Tracking’ When Facing Foreclosure

What is “dual tracking”?  This refers to a common bank tactic used when a borrower in default is seeking a loan modification or short-sale approval and calls the bank for help.  Typically, homeowners are given the impression, directly or indirectly, that while they are participating in these “negotiations”, the lender will work with the homeowner to avoid foreclosure.  Yet, millions have now learned that while these “talks” are occurring, lenders continue to push forward and pursue the foreclosure process in court at the same time.

Most homeowners assume that if they are talking with lender representatives, they are dealing with people who have authority to make decisions concerning everything and anything having to do with their loan.  Wrong!  Instead, this serves to lull borrowers into thinking that by simply providing documents, staying “in touch”, and partaking in these ongoing conversations with a myriad of different representatives (they’re always different, right?), they have stopped the foreclosure process.  Wrong!

Lenders argue that “dual tracking” protects their investment if the homeowner is unable to qualify for the modification or short-sale approval.  The sad reality is that lender representatives all too often raise the level of expectation by encouraging the ongoing negotiations while the foreclosure process proceeds. As a consequence, you have millions of homeowners waiting for that “miracle” modification or short-sale approval while the foreclosure case proceeds, generally, without anyone representing the property owner’s interest in court.

Mortgage foreclosure lawsuits are the single, most crucial legal challenge people face today.   By defending against the foreclosure lawsuit, you put the bank to the test.  The bank has the burden of proving their case, not the property owner, meaning, the lender has to show they have a right to the note and the right to foreclose.  Considering the financial debacle created in the lending industry over the last decade, you’d be surprised how difficult it can be for a bank to “prove their case”.  Don’t let “dual tracking” lull you into inaction.

Carlos J. Reyes  is the Principal of Reyes Law Group. He has been a member of the Florida Bar since 1988 and practices state-wide.  Carlos has been awarded a rating of “AV Preeminent” which is the highest possible rating in both legal ability and ethical standards by Martindale-Hubbell – a well-recognized legal resource. The RLG Legal Team also include attorneys Stephan LopezMelissa J. UlloaPhillip A. Ortiz and the RLG Legal Support Team to bring you a dedicated, experienced and dynamic legal team to handle your legal needs.

We also assist clients in the areas of: Civil LitigationReal Estate LitigationResidential Purchase & SalesCommercial Acquisitions & SalesResidential Landlord-Tenant LitigationCommercial Landlord-Tenant LitigationShort Sales NegotiationsLoan ModificationsCriminal DefenseCivil Rights ClaimsFamily LawCorporate Work, and Labor & Employment Law.

Call us for a FREE consultation at (954) 369-1993  Se Habla Español.

Visit our firm website ReyesLegal.com and review our credentials.

We are located at 150 S Pine Island Rd #210, Plantation, FL 33324

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The Reyes Law Group BLOG is intended to provide information to firm clients, friends and potential clients about various legal related topics. Nothing in this BLOG should be construed as legal advice or a legal opinion. Readers should not act upon the information contained in this BLOG without seeking the advice of legal counsel.

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Written by Reyes Law Group