Job losses, major illness, and divorce are just a few of the things that quickly change a homeowner's ability to meet their financial responsibilities. Banks don't really want to foreclosure on their clients. They will begin the process however, even if they are the ones at fault. If you are facing the loss of your home for mistakes you believe the mortgage lender made, foreclosure defense Glens Falls NY attorneys have some advice for you.
Some states require lenders to go through the court system in order to foreclose. Others don't. When the entity doesn't follow the law, homeowners can challenge their decisions and petition the court for consideration. The error has to be egregious however. A misspelled name or misplaced comma won't change the outcome. If there is a serious mistake, the court can make the lender start the process from scratch.
It is common practice for lenders to buy and sell loans. There was a time when it was an easy thing to question which entity actually held a borrower's paper and could foreclose. With today's technology, this is less likely to happen, but it occasionally occurs. If you suspect something like this has happened to you, pursuing it may require the services of a good lawyer, but it might be worth it.
Active military service people are given special consideration under the Servicemembers Civil Relief Act. If you got your loan before you entered active duty, the mortgage lender is required to go through the court to foreclose, whether or not it is a state requirement. For those who got their mortgages after entering active duty, there are certain protections as well.
If there has been an error made on your loan that put you behind, it was most likely caused by the mortgage servicer. This is where most mistakes occur. These are the companies that actually handle the accounts. If they made a mistake when applying your payment to your account, you may have a case.
If a computer operator doesn't key in your payment correctly, you might not get credit for your total payment. Sometimes payments aren't posted the same day they are received, which is a violation of the law. These mistakes can start you on the path of penalties, bad credit, and foreclosure.
Mortgage services sometimes engage in the illegal practice of dual tracking. This happens when the company is supposedly working with a client to get their loan modified while, as the same time, proceeding with the foreclosure process. There are laws in place that restrict, and in some cases prohibit, this practice. If a mortgage service doesn't disburse escrow funds, like homeowners insurance and taxes, you could have a good case to stop them from foreclosing.
The threat of losing your home is traumatic. There are remedies however, whether the problems are on your end or the lenders. If there is any way you can fight the foreclosure process, you should do it. Letting it go can ruin your credit and make it nearly impossible to get a reasonable loan to purchase another home.
Some states require lenders to go through the court system in order to foreclose. Others don't. When the entity doesn't follow the law, homeowners can challenge their decisions and petition the court for consideration. The error has to be egregious however. A misspelled name or misplaced comma won't change the outcome. If there is a serious mistake, the court can make the lender start the process from scratch.
It is common practice for lenders to buy and sell loans. There was a time when it was an easy thing to question which entity actually held a borrower's paper and could foreclose. With today's technology, this is less likely to happen, but it occasionally occurs. If you suspect something like this has happened to you, pursuing it may require the services of a good lawyer, but it might be worth it.
Active military service people are given special consideration under the Servicemembers Civil Relief Act. If you got your loan before you entered active duty, the mortgage lender is required to go through the court to foreclose, whether or not it is a state requirement. For those who got their mortgages after entering active duty, there are certain protections as well.
If there has been an error made on your loan that put you behind, it was most likely caused by the mortgage servicer. This is where most mistakes occur. These are the companies that actually handle the accounts. If they made a mistake when applying your payment to your account, you may have a case.
If a computer operator doesn't key in your payment correctly, you might not get credit for your total payment. Sometimes payments aren't posted the same day they are received, which is a violation of the law. These mistakes can start you on the path of penalties, bad credit, and foreclosure.
Mortgage services sometimes engage in the illegal practice of dual tracking. This happens when the company is supposedly working with a client to get their loan modified while, as the same time, proceeding with the foreclosure process. There are laws in place that restrict, and in some cases prohibit, this practice. If a mortgage service doesn't disburse escrow funds, like homeowners insurance and taxes, you could have a good case to stop them from foreclosing.
The threat of losing your home is traumatic. There are remedies however, whether the problems are on your end or the lenders. If there is any way you can fight the foreclosure process, you should do it. Letting it go can ruin your credit and make it nearly impossible to get a reasonable loan to purchase another home.
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