Since 2007, over 4 million Americans have lost their homes due to foreclosure. By early next year, that number is expected to reach 6 million. Historically, the legal procedure of foreclosure, in which a homeowner is required to relinquish his or her home to a lender upon mortgage default, generally favored banks and lenders who were well-versed in the practice.
However, recently this trend has reversed as many of today's homeowners who receive their notice of default are choosing to engage in an effective foreclosure defense process to stall, and often cease, the foreclosure proceedings filed against them. These recent successes can be attributed to the greater encouragement of mortgage modification and the piling evidence that, as a whole, the real estate industry has been largely perpetrators of fraudulent and predatory lending practices. The discovery of which has impacted judicial attitude and largely shifted court sympathies towards homeowners perceived as victims.