OPEN MIKE Q&A: How to Prepare for the New Wave of Foreclosures

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In 49 days, most moratoriums on foreclosures will expire, unless they are extended. That means that hundreds of thousands, perhaps millions of foreclosures will be filed or completed over the next year. And just like the 2008 meltdown, the securities brokerage firms that call themselves “investment banks” will be swarming like maggots over the carcass of millions of lives. 

And just like the 2008 crash, the impact will be felt for years to come. The full impact of the COVID pandemic won’t be known for a long time. It could result in many more people falling into the grasp of greedy Wall Street bankers. 

So my message is simple: get prepared and stay prepared. They will try to steer you into foreclosure because every dollar they receive from the forced sale of your property is going to bonuses and profits. Get rid of any thought you have that the foreclosure mills are filing foreclosures on behalf of lenders.

Tonight in a different format from our regular programming, I am opening the floor to questions and answers.  Please don’t use this as an opportunity to lecture about conspiracies. The purpose of this program is to allow real people to ask real questions and get real answers — subject to review and advice from local counsel. 

Neil F Garfield, MBA, JD, 73, is a Florida licensed trial and appellate attorney since 1977. He has received multiple academic and achievement awards in business and law. He is a former investment banker, securities broker, securities analyst, and financial analyst.

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