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Published on Jan 23, 2011
The banks are in disarray because of various recent decisions and court rules concerning foreclosures. The banks have trillions of dollars at stake and are not sure what to do. What an individual, financially-troubled homeowner should consider doing is to sue the bank and its predecessors claiming that they have no interest in the property (a declaratory judgment action or an action to quiet title). Whereas the banks may not grant a loan modification agreement to millions of homeowners, they would be more likely to give you a loan modification agreement than if you did not sue. A lawsuit could clear up the title for both the homeowner and the bank, and provide a loan modification agreement to the homeowner. There are many reasons for this which I spell out in this video. Carl E. Person, foreclosure defense attorney.