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"Boston Legal" sheds light on sub-prime negotiations

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Ed Falkowski MAI SRA

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Senior Member
Joined
Jun 25, 2007
Professional Status
Certified General Appraiser
State
Pennsylvania
Did anyone see the TV show "Boston Legal" last night? James Spader (who plays Alan Shore on the show) takes up the defense of one of the firm's junior attorneys (Clarence played by Gary Anythony Williams) since his house is being foreclosed on by a bank for failure to repay. In my opinion, it was probably a dead-on ringer for what goes on behind-the-scenes of mortgage negotiations for people with either a sub-prime mortgage and/or a resetting ARM. Does anyone have any real life experience with renegotiation of a sub-prime/ARM mortgage that involves lawyers (or even if it doesn't involve lawyers)? Is that how it goes or is it even messier than what was portrayed? I'd love to hear some thoughts!
 

Workbox

Elite Member
Joined
Mar 2, 2005
Professional Status
Certified Residential Appraiser
State
Colorado
I did not see the show, but I have been doing some retrospective appraisals for some attorneys and we were talking about such cases, and he told me that most that he is working with are being worked out before they go to court.
 
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