The lawyer probably holds the second on their house. If he wants to take it over for non-payment of his fee PLUS INTERSET they will do so, especially of prices rise in 7 years.
The only negative side for the lawyer would be paying off the first loan.
If you do a little research...actuallly, study this foreclosure mess for more than a minute or two on CNN, you’ll find that what they’re doing makes sense.
The legal system is gamed in favor of the banks, and unfortunately, the banks screwed up massively in the paperwork and have limited to no chain of custody of title to the properties they try to foreclose on.
The idea is that 90% of the mortgages out there in the last 10 years are so full of legal holes, that a half assed attorney with a little time can get the bank to go away with its tail between its legs.
They do a service to society by getting rid of liar banks with liar paperwork and return the house to the owner once the fraud is uncovered.
They simply draft up an agreement that once the first mortgage is wiped out, or renegotiated, that the lawyer will be repaid for his and his legal staffs time for the work and court costs they incur in the process.
I know two companies which have been successful and making these things go away after a little courthouse work is done.
wild times we’re in...
msfraud.org
livinglies.wordpress.com
foreclosurehamlet.com