Garfield Doesn’t Seem to Know When To Shut Up

Attorney Neil Garfield came out of retirement from the finance and investment industry to “help” in the foreclosure defense industry. He created a Foreclosure Defense Guide and sold it as part of a seminar package to attorneys who wanted the inside scoop on foreclosure defense, and to borrowers with troubled loans. He created a blog to which he posts mostly bad advice almost daily and more recently a web site devoted to truth in lending. He uses those sites as fronts to convince people to spend money on paralegal services and his advisory packages of information and legal services, such as about securitization, TILA rescission, and foreclosure defense.
Garfield convinced many attorneys, whom he referred to as “attorneys who get it” to sell their foreclosure defense services to borrowers for monthly payments of $300, $500, $700, $1000, $1500, or whatever they could get while they mollycoddled the client’s foreclosure defense or quiet title action through the courts for as long as possible.
In this way, the attorneys generally led the clients into eventual foreclosure, claiming they did their very best for the client. Such attorneys earned $20,000, $30,000, $50,000 or more over a period of years while dragging out the foreclosure. Maybe we cannot thank Neil Garfield for that outrageous theft, but I consider him more responsible than any other single individual because of the leadership role he played in encouraging attorneys to use that business model.
Now Garfield plans a new foreclosure defense manual in which he explains about securitization and TILA rescision, as though those have much bearing on foreclosure victims’ cases. His securitization tome is boring and useless to borrowers and foreclosure defenders. And I honestly believe Garfield still does not understand TILA rescission because he writes about it as though every borrower might have a right to it, when in reality, very few do. And I don’t know of Garfield ever winning financial benefits for a borrower in any lawsuit. I have documented one of his catastrophic losses
, the “poster child” for what NOT to do.
In summary, it seems to me that Garfield does troubled mortgagors far more harm than good WHILE he charges them outrageously high fees for mostly useless services.
His biggest failing lies in his insistence that securitization has any merit to a mortgage borrower. It has absolutely none. Courts have ruled
that the borrower is not a party to, injured by, or beneficiary of a pooling and servicing agreement OR assignment of the note, and therefore has no standing to challenge them in court.
Before spending money on Garfield’s services (maybe he will do you a favor and retire before you contact him), call me for a free consultation about the issues of concern to you. I shall happily refer you to a competent professional. No, I’m not an attorney, no charge for a referral.
Meanwhile, try to remember that the court or trustee will focus on the fact that the borrower has breached the note and ought to lose the house according to the terms of the security instrument. You can only divert the court or trustee by proving that someone injured you in the loan transaction. THAT can justify a court’s awarding damages or a setoff to you.
So before you hire any attorney, demand to see any case where he has won damages or a setoff in court, or a handsome settlement out of court. If he hasn’t won any maybe he didn’t have evidence of injury to the borrower.
If you want to obtain such evidence in your case, contact me asap.
Bob Hurt (see contact page
)