What will help the foreclosure debacle?
Hoboken Real Estate Attorney Brian Kappock says the whole foreclosure mess the country is in – pretty much sucks.
No Easy Solution for Foreclosure Debacle
A Hoboken real estate attorney who has seen his own share of foreclosures today suggests that the quickest way for banks to get through the newest foreclosure crisis is to pay money to those buyers and sellers where they made mistakes or face more lawsuits.
Brian Kappock (website), a real estate lawyer with offices in Hoboken, said there is no easy option and the process will be expensive, but, unfortunately, also the fastest route out of the current debacle. “All the parties who were involved in a home sale wanted to think this was like going to McDonalds for lunch. Go in order a burger and it will be exactly like the last one ordered. But the fact is a closing is a relatively detailed legal process with legal consequences. And the banks packaged these loans like Purdue packages chicken. The difference here was the impact on human lives and families when something went wrong,” observed Kappock.
“Granted, desperate homeowners will be looking to get on the gravy train. But the banks blew it big time,” he said. According to Kappock, the improper preparation and handling of documents came from people who are not lawyers, who are there to act in the interest of the bank/title company and did not have any legal training to even understand if the documents being signed by the borrower were correct or even prepared with the correct terms. “The poor consumer was left to figure this out on his own or in most cases didn’t find out. Several hundred thousand dollar loans or million dollar loans were left to an untrained person who was affecting the lives of consumers and the futures of the actual banks,” said the attorney.
“Also, by stopping the foreclosures we are causing increased pressure on the markets since the process of cleaning up the foreclosure mess caused by the banking industry is not allowed to continue” Kappock warned. “This is only slowing down the process of attempting to return normalcy in the real estate market. However, to get them out of the properties and not to have even more lawsuits it would be the fastest route. Not everyone will take it but most will.”
Anyone else have any better ideas?