What does a mortgage attorney do for a foreclosure?
What does a mortgage attorney do for a foreclosure?
Our mortgage foreclosure attorney 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. Dual tracking – moving forward with foreclosure while simultaneously offering to modify the loan.
When does a bank attempt to foreclose on a property?
When people get behind on their mortgage, a lender may attempt to foreclose on their property. Foreclosure is a legal process by which the lender forces the sale of a piece of property to recover losses when a borrower stops making payments.
How can I avoid a wrongful foreclosure on my home?
The majority of foreclosures occur as a result of the borrower defaulting on their mortgage payments. The best way to prevent and avoid wrongful foreclosure is for the borrower to keep accurate records and to review each communication received with the lender. Communication with the lender is key.
Can a bank lie to you about stopping foreclosure?
Your lender lied to you about stopping foreclosure while you were being reviewed for a modification. Many homeowners find themselves in the foreclosure process, whether they just received a Notice of Default from their lender or just received a Notice of Sale with an auction date scheduled in the next couple of weeks.
What’s the best way to fight a foreclosure?
Foreclosure Defense. The legal strategy employed by these homeowners is known as foreclosure defense. The simplest way to avoid foreclosure is by modifying the mortgage. In a mortgage modification, the homeowner convinces the lender to renegotiate the terms of the mortgage in order to make the payments more affordable.
How does the legal process of foreclosure work?
Historically, the legal process of foreclosure, one that requires a homeowner to return his or her house to a lender after defaulting on a mortgage, has tilted in favor of the banks and lenders — who are well-versed in the law and practice of foreclosure.
When does a lender foreclose on a business property?
When a business owner falls behind on the mortgage payments for an office building or retail center, the commercial lender will begin foreclosure proceedings to recover the property and satisfy the debt.
When does MERS appoint a party to foreclose?
When a foreclosure is imminent, MERS appoints a party to foreclose, based on its records of who owns the mortgage or deed of trust. But some courts have rejected the notion that MERS has the legal authority to assign title to a particular party in the first place.
Our mortgage foreclosure attorney 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. Dual tracking – moving forward with foreclosure while simultaneously offering to modify the loan.
What happens to a second mortgage in a foreclosure?
The position of a mortgage—whether the mortgage is first, second, or even third—is important because, in the event of a foreclosure, the proceeds of the foreclosure first go to repaying the most senior lender (the first mortgage holder), then to all other lenders in order of seniority.
Are there any legal issues with a mortgage lender?
As noted above, numerous legal issues can arise when dealing with a mortgage lender, most commonly due to a breach of the loan agreement. A loan agreement is similar to any other contract; this means all breach of contract remedies are available, should a party breach the contract.
What happens when a junior lender forecloses on a home?
Because, in the event the junior lender forecloses, all the proceeds of the foreclosure sale will go to repaying the senior lender. The junior lender will have gone through the expense of foreclosing but will get no money out of it.