The world’s economy continues to reel from the real estate debacle that reared its ugly head after 2006. Countless numbers of Florida Homeowners including throughout Fort Lauderdale, Weston, Davie, Cooper City, Sunrise, Sunshine Ranches, Pembroke Pines and Miami had to face foreclosures due to their inability to continue to make their mortgage payments on their homes or simply having come to the conclusion that their homes, which they believed were some form of a secondary investment with the potential of yielding amazing profits if we kept turning them over, suddenly became valued well below the amount of the mortgage, making it senseless to continue paying their mortgages. As a result, so many of our neighbors have become judgment debtors or dispossessed of their homes after what sometimes seemed like a lifetime of prosperity and good fortune.
The question arises though: how many of these mortgage holders were directly wronged not only by the banks, but by a fiduciary who may have owed them a duty of care to have strongly advised them against getting into this mess? A fiduciary is defined as a person of high standards entrusted with the care of another as though they were doing the work for themselves. A fiduciary duty is a legal or ethical relationship of confidence or trust regarding the management of money or property between two or more parties, most commonly a fiduciary and a principal. It is a standard of care that demands the utmost of concern over the interest of the person they are caring for.
An attorney representing a purchaser in a real estate transaction may have had such a fiduciary duty of care for their clients,
Individuals who are represented by attorneys during their commitment of a mortgage agreement that was obviously inappropriate for their financial resources and abilities may want to consult the legal malpractice attorneys at the Schulman Law Group to determine whether or not they may have an actionable claim against their prior attorneys.
Please keep in mind that most legal malpractice lawsuits must be appropriately filed within two years from the time the action arose or when they should have known of same. So therefore, time is likely at the essence and you should act swiftly to obtain the best advice on this matter. Please feel free to call the Fort Lauderdale legal malpractice attorneys at 954-349-3300 or by emailing us at info@www.schulaw.com
