Understanding The Options To Stop Your Foreclosure
Being served with foreclosure papers can be stressful and confusing for anyone. You might wonder if you have any solutions available to you to stop the process. The good news is that, in some cases, you might actually be able to fight the foreclosure. Here's a look at some of the options available for you to fight the foreclosure and keep your home.
Improper Foreclosure Process
There are strict laws surrounding the foreclosure process and what's required for your lender to do before they can serve you with a foreclosure notice. For example, your mortgage payments must be behind for a certain period of time before the lender can proceed.
Additionally, you must be notified ahead of time and given the time to catch up on the payments before a foreclosure is filed. If you are receiving a foreclosure notice without any other notifications or you're only a few days behind in your mortgage, you may be able to fight the foreclosure on the grounds of deviation from required procedures.
No Effort To Mitigate The Loss
Your lender is required to make every effort to resolve the delinquency. Unfortunately, many lenders will default to filing for foreclosure instead of working with the borrower to resolve the issue, either with partial payments or even a loan restructure.
If you have reached out to your lender in good faith, and you can document the resolution offers you've made which have been refused, you should reach out to a foreclosure defense attorney for more help and information. If they can prove the case in court, you may be able to have the foreclosure dismissed.
Unfair Practices
The unfair practices foreclosure defense became popular after the subprime lending crisis. Borrowers who were extended a mortgage that was beyond their financial means were unable to meet their payments when the market started to deteriorate.
When a lender either misrepresents the loan or lends to a borrower knowing that they cannot meet their obligations, that is an unfair practice and could get your foreclosure dismissed if you contest it. You'll have to work with an attorney to prove the unfair practices, but he or she can help you to document the actions and support your claim to stop the foreclosure.
Talk with a foreclosure defense attorney today for more information about preventing your impending foreclosure. Even if you just suspect that your lender is getting ready to file, be proactive to protect your interests.
