If you have received a notice of foreclosure in the mail, don’t five up. The idea of losing your home is scary and stressful, but assistance is available.
You may be able to get foreclosure assistance by filing a Chapter 13 bankruptcy. Filing a Chapter 13 will immediately stop the foreclosure of your home. However, it is important to file before the foreclosure sale happens.
To assess your many options, some borrowers turn to a mortgage attorney. A mortgage attorney will assess the original terms of your loan, the value of the modification process, and the actions taken by the lender in servicing the loan. Mortgage litigation allows the homeowner to take the lender to court. The homeowner can no longer be ignored or strung along until the lender decides to foreclose. The attorney will provide litigation support giving homeowners their day in court and the chance to resolve their disputes and negotiate on an equal level with their lender.
A mortgage attorney prepares and files lawsuits when facts show that the lender unnecessarily prolonged the modification process; hurting your equity and credit. They review the loan modification history, the basis of modification delays and modification denials, and whether the lender acted illegally. They will sue your lender by preparing a summary of facts showing the judge the homeowners’ story and by drafting the legal arguments showing how the lender violated the law.
Mortgage attorneys often see a pattern of unreasonable delay; lenders repeatedly losing documents, representatives telling you that your fax was not received, placing you on hold for hours or simply not responding to your many calls. Lenders often delay assistance or have no intention of helping as they stall in their effort to run out the clock. There is a statute of limitations to bring a lawsuit against the lender based on the term of the promissory note.