Your home is your largest investment, and it is where you go to relax and unwind from a long day, or to host parties with friends and family. Your home is also your biggest expense and for most people on tight budgets, staying in their home is priority number one when financial trouble hits. Knowing what to do in the event of a foreclosure will help you to keep your home, and will also help you learn how to communicate with your mortgage lender on their level.
With the rise in foreclosures in recent years, knowing what defense strategies work best will help you to keep your home. It might seem fruitless to take on the big banks but several homeowners have done just that, and won! NBC news reported on the issue at a time that was right in the middle of the foreclosure crisis, and the lessons learned then still apply today. Five things about foreclosures that you need to know now are:
- In order to maintain a foreclosure matter the lender must have standing. Standing is a legal concept that means a party initiating an action must have the ability to do so. In the case of a foreclosure this starts by requiring the lender to show they actually hold your note.
- The lender must submit documents to the Court properly and accurately. You are within your rights to question bank representative signatures and other information. If the documents are not authentic, the foreclosure case must stop.
- You are entitled to a pay history, and should ask for one to be sure all the payments you have made are showing as credited to your account.
- Some lenders will agree to a modification of your loan, but you have to ask. If you qualify, your payments can be reduced and perhaps the past due amount rolled back in to the modified loan so you are considered current.
- If you are active duty military, the lender has to obtain special permission to enter a judgment against you. If the lender fails to take into account your military status you can fight the foreclosure.
If you are facing foreclosure, call us for help. We will help you identify a strategy that works for you and pursue remedies that keep you in your home.
For more information about how to defend a foreclosure case, contact us at www.DsouzaLegalGroup.com. We will help by coming up with solutions that work for you.