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What is the fee for foreclosure defense. should I sign a contract between the investment firm, attorney and myself to keep home?

Brooklyn, NY |

I have a mortgage from Bank of America which was reassigned from first Magnus or some other mortgage lender when I originally refinanced. The bank of New York has filed a forclosure case in FL. The Bank of NY is nowhere on any paperwork that I signed when refinanced. The lawyer down in FL and a management company wants to defend me and help me keep my home. The contract says the law firm will get 800 dollars a month and the management firm will get 200 dollars a month deducted from the money they receive from prospective tenants. I'm concerned that there is not total fee for the defense and this management company said they will forever have interest in my property. They sent over a quit claim deed, Attorney agreement,and management agreement for me to sign. Mortgage 206k worth 110k.

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Attorney answers 5


This is most likely a fraud---a quit claim deed essentially hands the house over to the "party of the second part" on the deed. Is that what you want?

Get a legitimate local attorney in Florida to represent you in the foreclosure action. If you don't know one, go to this website and search for one:

The lawyers on this list have all been trained and educated in the issues that you are concerned about in this foreclosure.

There are alot of scams out there, and this sounds like one of them.

Good luck,


I agree with the previous commentator: this appears to be a scam. Is the management company a real estate management company, or a money management company? If the law firm gets $800, and the management company gets $200, just what are YOU guaranteed for life? I suggest you look for a good local lawyer in the site of the property in FL. You will find good references in the attorney directory in the National Association of Consumer Advocates' website,

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This screams scam. If it is too good to be true, it probably is. We could review the documents and speak to this investor on your behalf if needed.


First of all, the reason you see the Bank of New York as the plaintiff in your case is because your loan was securitized, meaning it was sold on the secondary mortgage market. Bank of New York may even be acting as a Trustee to a Mortgage Backed Securities Trust. Either way, you need to retain an attorney to defend your interests in the foreclosure case who knows how to challenge the plaintiff's standing. That attorney should just charge you a fee without anyone seeking an interest in your property. Such an arrangement assumes, of course, that you can afford an attorney. It is not unusual for a law firm to charge an initial retainer and then allow you to make monthly payments, but they should not be acquiring an interest in your property. Its a conflict of interest for them to acquire an interest in your property directly or through another company.

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We charge up to $2850 for a UD. $6000 or so to sue a lender for any wrongdoing. An attorney can arrange a deal as a lawsuit settlement with an investor.