The Missouri Bar 2012 Solo and Small Firm Conference

Substantive Program

Thursday, June 7th * 3:25 - 4:35 p.m. * Location: Short Creek 1 & 2

Wrongful Foreclosure! Handling Clients Who Call After They're Being Foreclosed

Speakers:Roger Wallach and Dan Bryan 

Moderator: Shira Truitt

What information do I need to assess if there has been a Wrongful Foreclosure?
What are the primary issues to look for, and what case law and statutes are relevant?
What options may exist for the client to avoid foreclosure? Short sale, Deed-in-lieu, Loan Modification, Bankruptcy? Other?
What are the homeowners’ rights post-foreclosure? Do they have to vacate right away?
Will there be a suit on the deficiency?

We will explore these and related questions that present themselves when the client is a distressed homeowner. If the homeowner is being considered for a loan modification, can this help slow down the foreclosure process? Are there other ways to stop a foreclosure? Is “Wrongful Foreclosure” a cause of action in Missouri? (and are attorneys’ fees available?) What about a legal attack on foreclosure due to the lender’s inability to produce the original note? What about actions under RESPA and TILA? How can you use a “forensic loan audit” in bringing a case against a lender?

And what about after the fact? Will your client be sued for the deficiency? In many states, “One-Action” statutes and/or case law protect the homeowner from suit on a deficiency after a foreclosure. We will review this concept and contrast it with the statutes and case law experience in Missouri.

How do you counsel clients who call in a panic thinking that they have to move out the day of the foreclosure (and you help them?) What options do they have? How does a typical cash-for-keys program work? And what about the new federal law Protecting Tenants at Foreclosure Act of 2009, how does it impact the situation?

If time permits we will briefly review current guidelines and practices of FHA, Fannie Mae, Freddie Mac, other Key lenders and regulators in the residential housing market.