Local Law Firms Home > Bankruptcy & Foreclosure News > Foreclosed Homeowners Fight Back So many property owners in foreclosure are standing up for themselves that a mortgage-litigation index has gone through the roof during the second quarter. More mortgage companies are ending up in court for different reasons. However, foreclosure lawsuits made up the majority of legal instances recorded in the second quarter. The bottom line is money and the current economic situation. Before and during 2006, a lot more people were employed and were doing a lot better financially. More individuals had secure, good jobs and were making good amounts of money. During that time, before the economy started to decline, people did not pursue lawsuits nearly as much as they do today. But now that the economy is in a poor state and individuals are losing jobs and their money, those individuals are looking for ways to recover money where they can. For many, this means pursuing legal claims in which they are entitled to monetary compensation. Lawsuits involving investors have also increased drastically in addition to lawsuits involving criminal activity within a financial institution or bank. Both figures continue to increase as the years pass and as more people face foreclosure. The second-quarter index total came in at a hundred and ninety cases. Action increased 26 percent from the previous quarter and was more than fifty percent higher than the level during the previous year. The lawsuits occurred in different parts of the United States and have been compiled from various news sources in addition to public records. The study was prepared recently, which reveals legal actions related to mortgages and foreclosures. The figures do not include all cases involving mortgage companies; the index is to act as a general guide to keep track of trends in mortgage litigation trends. Because of all the different lawsuits, it isn’t feasible to keep track of each and every case. Foreclosure lawsuits are calculated only when some level of legal action is taken in court that is in the property owner’s favor, not just when a borrower sues a lender. |