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Foreclosure defense is a new legal specialty whose strategies and techniques are still being worked out, according to a front-page article in The New York Times yesterday by David Streitfeld.
The article said that the Ticktin Law Group in Deerfield Beach, Florida, plans to collect fees by taking another mortgage on his clients' properties and that this strategy has already been copied by other firms.
The Ticktin mortgages, the article continued, "resemble the loans that the clients originally got from Countrywide, GMAC and other lenders and each will be a contractual obligation with the law firm, labeled as a mortgage and structured like one, too, with the client paying a certain sum every month and using the house as collateral."
"If the Ticktin lawyers cause the original mortgage to be nullified or reduced because of the bank's misdeeds, the client must take out a new mortgage for 40 percent of the savings. For instance, if the mortgage was $500,000 and is reduced by the bank to $200,000, the client would owe Ticktin 40 percent of $300,000, or $120,000, minus any legal fees paid by the losing bank as well as any monthly sums paid to the law firm. Client would be attracted to this arrangement because they might save nearly $200,000 and avoid foreclosure," the article said.
The article said that the Ticktin Law Group in Deerfield Beach, Florida, plans to collect fees by taking another mortgage on his clients' properties and that this strategy has already been copied by other firms.
The Ticktin mortgages, the article continued, "resemble the loans that the clients originally got from Countrywide, GMAC and other lenders and each will be a contractual obligation with the law firm, labeled as a mortgage and structured like one, too, with the client paying a certain sum every month and using the house as collateral."
"If the Ticktin lawyers cause the original mortgage to be nullified or reduced because of the bank's misdeeds, the client must take out a new mortgage for 40 percent of the savings. For instance, if the mortgage was $500,000 and is reduced by the bank to $200,000, the client would owe Ticktin 40 percent of $300,000, or $120,000, minus any legal fees paid by the losing bank as well as any monthly sums paid to the law firm. Client would be attracted to this arrangement because they might save nearly $200,000 and avoid foreclosure," the article said.
Architecture Critic
Carter Horsley
Since 1997, Carter B. Horsley has been the editorial director of CityRealty. He began his journalistic career at The New York Times in 1961 where he spent 26 years as a reporter specializing in real estate & architectural news. In 1987, he became the architecture critic and real estate editor of The New York Post.
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