Homeowners have been the victims in this foreclosure epidemic. In every criminal act there is the criminal and the victim. And like any criminal prosecution, unless the victim comes forward and prosecutes the criminal, the criminal will most likely be set free. So what does this mean? It means that more homeowners need to come forward and fight their foreclosures. There are only a handful of true to the cause advocates that are fighting this fight with an army of pro-se soldiers.
We have now in the homeowners corner, a handful of prosecutors (Senators) that are willing to put the criminals feet to the fire. We have the potential in front of us to give a criminal element to fraudulent foreclosure actions (which it is and should have always been to begin with).
There is a systematic approach I would like to share with homeowners facing foreclosure and attorneys alike that are engaged in foreclosure defense and that is the sales dynamic. See there is a simple philosophy in sales that sales managers train their sales representative to do and follow. Sales is a numbers games so the first rule of sales is (1) the more people you contact the greater your chance at closing a sale. Sales mangers would require reps to make 100 calls a day because out of those 100 calls maybe 10 could be closed.
This is the same approach being used by foreclosure law firm mills. File 100 foreclosure and maybe 10 fight back. This means 90% of their foreclosures go to summary judgment without resistance. To the parties initiating foreclosures these are great statistics. It is for this very reason foreclosure law firm mills charge a flat rate of approximately $1,200 per foreclosure. Any attorney will tell you that they normally charge a retainer of $2,500 to $10,000 to take a case depending on the circumstances surrounding the case at which point they will bill out anywhere from $200 to $350 per hour. Think about that for a second. An attorney that spends 10 hours on your case alone who bills out at say $300 an hour cost $3,000. So what does it say of a foreclosure law firm mill that bills out a flat rate of $1,200 to a multi-million dollar financial institution?
If you can understand the sales philosophy that this is a numbers game with the bets on the homeowner that will not fight to keep their home, then try to understand the adverse affect those initiating these foreclosure actions will face if the homeowner actually defends themselves in litigation. It would mean the foreclosure law firm mills would not be able to charge a flat rate of $1,200 to the banks or servicers. It would mean they would have to charge more money to prosecute these foreclosure suits. Banks don’t want to spend so they would look to other foreclosure mills to represent them which would open up a biding war for their work (which already exist on another level). It would cause the banks to have to spend more money in litigation to defend their fraudulent behavior and their statics of 90% success to straight summary judgment would decrease.
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