St Louis Home Loan: FBI Looks Closely At Foreclosure Crisis

There is no doubt that the majority of banks want this mortgage debacle behind them as quickly as possible for many reasons. The bad news that will not be the case.

The situation has deteriorated so badly that all 50 attorney generals have been and will continue to investigate possible fraud perpetrated by lenders according to St Louis finance experts.

Attorneys who are representing evicted consumers and those who are possibly facing foreclosure are planning their litigious game plan against these lenders.

State judges have signaled they will review the banks\’ foreclosure documents with skepticism while lawmakers on Capitol Hill plan to hold hearings.

On top of all that, an unnamed official has told CNBC that the F.B.I. is in the initial stages of trying to determine whether the financial industry may have broken criminal laws in the mortgage foreclosure crisis.

The overall question is did these banks who were lending and then foreclosing on these homeowners knowingly committing fraud or were they simply inept when this mortgage fiasco burst upon the scene. Many St Louis lending experts definitely have opinions of their own.

These banks and lenders who have indeed violated their procedural rules will have to face our justice system as judges decide how to penalize these criminal acts.

They may decide to set trial dates for thousands of foreclosure cases rather than give a quick bench ruling. This may be fair for these evicted consumers but could cost millions to tax payers.

Banks should be aware that if these go to trial or not, judges are not sitting well with the fact that these financial companies filed erroneous documents whether deliberately or by accident.

\”There could be some serious consequences,\” including criminal charges, Zoeller said.

Whatever the case, these lawsuits are predicted to go on for several years.

\”Some of these plaintiffs\’ attorneys clearly smell blood in the water,\” Cecala said.

Many St Louis mortgage brokers are now recommending that homeowners facing foreclosure or have \”underwater\” house values take advantage of a FREE loan audit. This may help stop the foreclosure and reduce the principal amount owed for your home or business.

If you want a principal reduction program, then visit Floyd Tapia\’s site at http://www.StLouisMortgageGroup.com. Principal Loan Reduction: Available for homes and businesses. Call us at 314-334-0210 or 877-334-0210.

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