Some feel like what the banks have done to the American homeowner is criminal. And they just might be right.

According to a investigation by CBS I-Team reporter Al Sunshine, 50 state attorney generals are investigating the foreclosure debacle.  As it turns out, the bank you borrowed money from probably does not own your mortgage anymore.  Many mortgages have been bundled up so they look safe for investors and then sold off, Sunshine says.

He estimates 95% of mortgages are now controlled by what’s called a servicer, which is a bank or financial company which handles your mortgage and monthly payment.  They are the ones who collect fees and penalties from home owners, and according to Sunshine’s report, they are the first ones to make yet more money when a home is foreclosed.

And therein lies the problem with the mortgage system, foreclosure attorney Roy Oppenheim told Sunshine.

“It was in their interest to have the foreclosure go through the process versus a modification,” Oppenheim explained. “Typically the way the servicers were compensated, they would receive more compensation through a foreclosure than through a modification.”

So the interests of the borrower are in constant conflict with the interests of the servicer. Since they are often not the bank that lent you the money in the first place, there is little risk to them, and foreclosure is better for their bottom line.

“The whole process is wrought with conflicts of interest. It’s just a rotten bag of apples,” Oppenheim concluded.

If this is the boat you’re in right now, Oppenheim Law is here to help. Click here to view the entire story on CBS4: The Secret Truth about Foreclosures, or check out the video below:

Oppenheim and Sunshine come together again to discuss the depths of the South Florida foreclosure crisis. In the below clip, the pair examine the dismal real estate climate in Florida last summer:

No stranger to fighting the banks, foreclosure defense attorney and award-winning legal blogger Roy Oppenheim specializes in helping families fight foreclosures, while using his South Florida Law Blog to openly decry fraudulent foreclosure practices and ask: Why isn’t Wall Street in Jail? Veteran investigative reporter Al Sunshine has received numerous honors for his reporting, including the Miami Police Department Accuracy and Fairness Award (1976), the Florida Academy of Trial Lawyers Media Award (1991) and the Dade County Trial Lawyers Association Award (1992).

Designed to help homeowners, Oppenheim’s monthly Florida foreclosure workshop provides a venue where homeowners and real estate professionals unite. The October workshop will not only focus on defending foreclosures but is also coupled with tips on buying and selling Florida real estate, including how to buy a short sale or a previously foreclosed property.

What:  Florida Housing Help: Free Real Estate Workshop
Who:  Real estate professionals and homeowners facing foreclosure, buyers, and sellers
Where:  2500 Weston Rd Ste 404, Weston, FL 33331
When:  Thursday, October 1, 2009 – 6:00 to 7:00 PM
Cost:  Free with advanced registration
RSVP:  To register email roy@oplaw.net or call 954.384.6114

Whether its volunteering at the CBS Neighbors 4 Neighbors phone banks answering questions about foreclosure or hosting his own free workshops, Oppenheim spends his time educating real estate professionals and Florida homeowners about their legal rights when it comes to foreclosures, shorts sales, loan modifications, and REOS.

Oppenheim Law’s October workshop will highlight the following foreclosure defense strategies and real estate tips:
•    Learn the process of foreclosure and how to defend your home
•    How to locate and purchase foreclosed properties substantially below market value.
•    Tips on finding, buying, and selling short sales
•    Insight on current Florida home prices and the right times to buy/sell
•    Insider information about counterclaims against the banks and deficiency judgments
•    Roy Oppenheim’s advice for investors
•    Learn tips on applying for a mortgage modification and the best time to apply during foreclosure
•    Loopholes in defending foreclosure and how foreclosure defense can save homes
•    Oppenheim will also discuss: deed in lieu, second mortgages, and Chapter 13 bankruptcy

About Oppenheim Law
Founded more than nineteen years ago by a husband and wife legal team, Oppenheim Law is uniquely positioned as one of Florida’s leading boutique law firms, focusing on Florida real estate and foreclosure law. Serving the greater Fort Lauderdale, Florida-area and serving high-profile national, international and local clients, the firm is proud to have the highest (A-V) rating, conferred by Martindale Hubbell® Law Directory – the most respected directory of lawyers and law firms in the United States.

by Lisa Buyer, Oppenheim Law public relations