Running behind on your mortgage payments? Is the threat of foreclosure looming over your head? It’s time to start planning your foreclosure defense. The process of foreclosure can be quite stressful and embarrassing. It could have long-term consequences such as a negative impact on your credit score. Furthermore, eviction can cause severe financial problems. Therefore, giving up without a fight is certainly not in your favor. According to foreclosure defense lawyers, a well-planned foreclosure defense can help you make the best out of a bad situation. In order to prepare a comprehensive and effective foreclosure defense, you must first fully understand what foreclosure actually is and what it entails.
What is Foreclosure?
When a borrower fails to make three or more payments in a row, the lender might initiate foreclosure proceedings by contacting your housing authority. In some cases, where the loan is considered to be high-risk, the lender might initiate foreclosure proceedings even after two missed loan payments. The main objective of foreclosure is to allow the lender, mostly banks, to recover their money by taking possession of the mortgaged property and subsequently selling it, usually through auctions.
What are your rights as a borrower?
There are a number of federal laws which outline and protect the legal rights and basic freedoms of borrowers. The interpretation of the provisions of these federal acts and application according to your case can only be done by someone who is well-versed in laws pertaining to housing and lending. According to foreclosure defense lawyers, there are several ways through which a lender can protect his or her rights. One of the most potent foreclosure defense strategies includes finding fault in the actions of the lender. In most cases, lenders tend to forgo the procedures and mechanisms stipulated by law. By pontificating the irregularities and inconsistencies of the actions and documentation by the lending institution, you can effectively bring foreclosure proceedings to a halt. This can allow you with a unique opportunity to negotiate a deal and avoid the stress and embarrassment of foreclosure altogether. It is important that you keep your composure and prepare a cogent foreclosure defense strategy with your attorney.
If you wish to get more information about this subject or schedule a free consultation, contact Jackson Abdalla Law Group at (773) 550-3853 to speak with an experienced foreclosure defense lawyer.