I am very interest in how the opposition perceives the legal situations which involve my own clients. An example is the pervasive mortgage foreclosure and deficiency situation. I wonder what is in the minds of attorneys who pursue the mass of foreclosure actions on behalf of large banks. What do they see as the most effective defenses, and what frustrates them and their banking clients in the mortgage foreclosure process?
One of my clients this month is an attorney for the first or second largest mortgage foreclosure law firm in the state. His firm is based in Tampa. He has been handling mortgage foreclosures with this firm for two years. Currently, he is assigned as primary attorney on over 3,000 mortgage foreclosures. What follows are his views of mortgage foreclosure in response to my questions. To cover the entire conversation I will divide the subject into two successive blog posts.
My question: Do you see any signs that your bank clients are starting to or planning to pursue first mortgage deficiency actions. (See one of many prior posts
His answer: No. In the years at his firm he has handled over 7,500 mortgage foreclosures on primary residences. He has not pursued one deficiency action, and he knows of no other attorney at his firm who is handling deficiency claims
My question:Why do banks pursue some foreclosures quickly and let others drag on for years.
His answer: The foreclosures go at their own pace; banks do not decide to qucken or delay foreclosures depending upon the house and the debtor. He said that foreclosure cases appeared to him as thousands of little ducks floating down a wide river. Some ducks get caught in a rapid and race down the foreclosure river, and some ducks get stock on rocks and never move. If your duck gets stuck in the foreclosure process my client’s advice is to “do nothing.” Contacting the bank or filing a pleading in your case will dislodge the duck and re-start your foreclosure.