Each step of the gauntlet of owning a residence and being foreclosed, from applying for the mortgage to being given a sheriff sale, is tightly regulated by the federal and state governments. While all of these regulations are ostensibly written to shieldprotect buyers and property owners from corruption, the huge amount of due diligence these laws create serve mostly to mislead homeowners and encourage fraudulent corporations to take advantage of them.

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The foreclosure process itself is no different, although it is almost completely determined at the state leve. Borrowers find themselves thrown into a complex judicial process exactly when they are most unable to afford adequate legal representation.

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There are simply too many regulations for the banks to comply with to be able to originate and service a loan in accordance with every law out there. While many mortgage companies are pretty strict about following nearly all regulations, the subprime mortgage boom encouraged fly-by-night companies to originate one bad loan after another and Wall Street investment firms could never get enough.