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: Legal Blog Watch

Foreclosure Defense Goes Meta: Taking Out a Mortgage to Pay Your Lawyer

By Eric Lipman

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I'm not sure exactly where this falls on the list of bad ideas, but I think it would make the Sunday morning Top 40 countdown. The Consumer Law & Policy Blog puts the question succinctly: Would You Take Out A Mortgage To Pay The Lawyer Who Got You Out of Foreclosure? You are in foreclosure. You have no money to pay a lawyer to get you out of foreclosure and keep you in your house. So, you agree that, if the lawyer succeeds in keeping you in your house, you will take out a second mortgage -- pledging your home as collateral -- to pay your legal fees on a monthly basis. Not if my lawyer looked as smug as that chick in the stock photo, I wouldn't! CLP links to the New York Times article that spurred the question. The practice of pledging your home as collateral to the guy who just stopped the bank from kicking you out was reportedly pioneered by Deerfield Beach, Fla., attorney Peter Ticktin. And he calls it "a new paradigm." Uh oh. That's the kind of buzzword-speak that makes me twitchy. If he talks about being proactive to avoid a slippery slope, I...

Full post as published by Legal Blog Watch on November 08, 2010 (boomark / email).