First, let me start off by stressing that I am NOT providing legal advice! What I am providing is information and case references that could be useful in foreclosure situations. The foreclosure crisis is continuing to grow and there is no end in sight for homeowners facing foreclosures.Foreclosures are so bad that homeowners are starting to fight lenders legally when they know that the lender put them in a bad situation. Are these homeowners winning? On October 31, 2007, a federal district judge in Ohio dismissed fourteen (14) foreclosure cases filed by Deutsche Bank. Why is this case important and how can it help you? Keep reading and I will show you.
When a homeowner stops making payments the loan goes into default. The mortgage lender who is servicing the loan will seek to foreclose on the property and take back ownership. Most homeowners usually agree with the foreclosure process and say okay and walk away.
Mortgage companies hire foreclosure attorneys to handle the foreclosure process, filings, notices, etc. The foreclosure attorney is often never really challenged by the homeowner and the foreclosure is finalized. However, it is a new day and homeowners are now fighting back and for good reasons!
So, just how do you fight your lender to stop foreclosure on your home? Some homeowners prefer to have an attorney represent them and some homeowners are representing themselves and also winning. Whichever route you go the factor of time is the most important step. Once you are served a copy of the foreclosure complaint from a process server you typically have about 20 days to correspond.
You have every right to challenge a foreclosure! Homeowners are challenging foreclosures because mortgage lenders misrepresented loan documents, statements, fees, home values, interest rates, etc. Foreclosures usually finalize because homeowners rarely challenge them.
I feel that most homeowners don’t challenge their foreclosures because they don’t have enough or the right information to challenge their mortgage lenders. Remember I mentioned that a federal district judge in Ohio dismissed fourteen (14) foreclosure cases filed by Deutsche Bank. Typically, the mortgage lender who is servicing your loan is NOT the one who originated the loan. This is GOOD news for you and BAD news for the mortgage servicing company.
Chip Parker, Jacksonville Consumer Attorney makes some key points about mortgage lenders and foreclosures.
“Does your foreclosure complaint even have copies of the note, mortgage and assignment attached? Most likely, these documents are not attached, and may not even be in the possession of your mortgage company, “says Parker.
Parker Reveals:
1. Your mortgage company may be attempting to substitute your original note and/or mortgage with a copy. This is called a “Count to Establish Lost Documents.” There are strict legal requirements to establish a lost note or mortgage, and your mortgage company may be unable to meet the requirements if challenged.
This was the reason why a federal district judge in Ohio dismissed fourteen (14) foreclosure cases filed by Deutsche Bank!
2. Your mortgage company may have inflated the balance due by charging junk fees, such as a Broker Price Opinion (BPO), property inspections, force placed insurance and other “property preservation expenses.” Additionally, your mortgage company may have placed your payments into a “suspense account” and charged you late fees as if payments were never made.
3. The bottom line is that your mortgage company may have filed an improper foreclosure lawsuit. You may have valuable defenses and counterclaims against your mortgage company that could actually prevent foreclosure and even require your mortgage servicing company to pay you damages. You may even be able to force your lender to completely rewrite the terms of your note and mortgage, enabling you to keep your home.
End
I have made it my mission and fight to continue to provide researched and informative solutions to help combat the foreclosure crisis. Homeowners are the real victims in this crisis and if you would like to receive a valuable quick guide on solutions to fight foreclosures you may pick it up here
Posts
2 comments:
Everybody has to take great care when they are choosing their mortgage payment in order to avoid the future risk of foreclosure. Even though there can be many foreclosure questions going for what you can afford from the start is the best option you have.
Post a Comment