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The Military and Foreclosure Class Action Lawsuits

In honor of Veterans' Day 2011 this Friday, I have dedicated my blog to the military this week. Earlier this week, I discussed the Servicemembers' Civil Relief Act (SCRA) and the protections it offers our military and their families. The SCRA states when a member of our military is on active duty or was just recently been released from active duty, a lender may not foreclosure on a home, car, or other collateral without first obtaining a court order. This protection is significant here in Central Texas since most foreclosures on homes and repossessions of cars in Texas can happen by law without a court order. Please note that the SCRA does not state that the foreclosure or repossession cannot occur, but rather the lender must get a court order first. By obtaining a court order first, the foreclosure and repossession are delayed but not avoided. So, what are your remedies when the SCRA is violated and you lose your home or car because a court order was not obtained first? Unfortunately that is what is happening around the nation and people are starting to file class action lawsuits against the lenders. However, the remedies from these class action lawsuits are not always enough. I had a client in the Ft. Hood / Killeen area who was involved in one of the class action lawsuits and she received $200.00 in damages. See http://www.myguidon.com/index.php?option=com_content&task=view&id=13697&Itemid=39. There are numerous other wrongful foreclosure class actions popping up against Citimortgage (see http://consumerist.com/2011/07/lawsuit-alleges-citi-illegally-foreclosed-on-thousands-of-soldiers-homes.html) and JPMorgan (see http://news.firedoglake.com/2011/04/24/jpmorgan-settlement-continues-their-persistent-attention-to-just-one-type-of-foreclosure-fraud/). Violations are so rapid that one law firm is looking for people's stories regarding other mortgage companies which have not been sued yet. And the mortgage companies are not alone as defendants in these lawsuits. Ford has been sued regarding repossession of vehicles and interest rates. (see http://www.topclassactions.com/lawsuit-settlements/lawsuit-news/1400-servicemembers-file-scra-class-action-lawsuit-against-ford-). However, all of servicemen and women and their families lost their homes or cars due to falling behind on their payments. While the Servicemembers' Civil Relief Act was violated and they may get some damages for that, even if the SCRA was followed, the repossession or foreclosure might have still happened. The SCRA just delays it while a court order is obtained. If these individuals and their families filed for bankruptcy, they might have been able to save their homes and cars. And that is the real tragedy. If you are behind on your house or car payments, call 254-633-2876 today or email us at [email protected] for a FREE, no-obligation consultation to see what your options are. Once a foreclosure or repossession happens, it may be too late. Don't wait. Sign up for our Bankruptcy Information Mailing List.  This list is for those who have questions about bankruptcy as well as clients of The Kehl Law Firm, P.C.  Sign Up 

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