Iowans Deserve More From Their Banks During Tough Times

Many Iowans have lost their jobs due to the economic crisis and are now facing losing their homes. Banks, despite receiving billions of dollars in bail-out money intended not only to help the banks but to allow the banks to help struggling home owners are now unwilling to help Iowans through loan reformation and are instead rushing through foreclosures using fraudulent and deceptive legal practices. Iowans deserve more from their banks. 

Despite the enactment of the Home Affordable Modification Program, many Iowa banks are unwilling to help struggling homeowners reform their loans to allow them to avoid foreclosure.

At the same time, Iowans, like homeowners throughout the country have been victimized by the fraudulent foreclosure practices used by banks. Earlier this year various lawsuits uncovered that banks were filing foreclosure documents without verifying that the informration was correct, containing false information and without required notifications. Iowa Attorney General Tom Miller has been appointed to lead a 50 state investigation into these deceptive practices.

During this economic crisis, banks should be using all available programs to assist homeowners in keeping their homes. They are not being asked to provide free homes, but instead to reform loans to allow homeowners to continue making payments while they are suffering a temporary hardship that will avoid foreclosure. Banks certainly should not be in such a rush to foreclose on homes that they file fraudulent documents in order to achieve foreclosure as fast as possible.

Brady & O'Shea has represented numerous home owners in foreclosure actions as well as represented other victims of financial fraud.