An anonymous company spokesperson at the law firm stated that, “There are just way too many people going through foreclosure right now. Unfortunately, most of the good people right now are doing nothing. What’s most unfortunate about that is that in reality, your bank has been paid off a long time ago. Let me get this clear, we’re not necessarily suggesting that people do go out and sue their lender just because. There are enough frivolous law suits in this country. What we are saying though is that there are grounds to do it. Most often, your bank has already sold your original loan to another investor and that other investor sells to someone else. The interesting thing about that is the bank printed most of the money out of thin air. Because of that, your bank has been paid off from day one. We are simply challenging them on the grounds of that and we believe it is ethical to do so. If your bank cannot produce the original loan documents, and in most cases they can’t, you may have grounds to fight back. It’s not a move that every client should take but we’re not going to shy away if they ask either.”
Critics have suggested that this is a less than ethical approach to avoiding bankruptcy. Other experts are quick to suggest that the very grounds a bank forecloses on people to be unethical based on our current banking laws. In related news, some prominent real estate gurus are now beginning to promote courses targeted around the subject stating that people both can and should sue their bank. There is still ongoing debate on the issue on the ethics of fighting bankruptcy in this regard.
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