If you have missed a mortgage payment or are otherwise falling behind on your mortgage, the bank will have you believe that foreclosure is a simple issue. The bank will tell you that you missed a payment, so unless you can make up the deficiency or they agree to modify your loan, they will be able to foreclose and take your home. While this may hold true for an unrepresented individual, it does not have to be the case. For the bank, whether or not to foreclose on your home is strictly a business decision. If you try to defend the foreclosure without representation, taking your home from you will be a cheap easy process and a good business decision.
What the Bank Doesn’t Want You to Know
What the bank doesn’t want you to know is that you can make foreclosure a long arduous process that can quickly turn from a good business decision for them to an issue that will not be cost effective. This is because foreclosure is not as simple and straightforward as the bank wants you to believe. Just because you have missed a payment or are behind on the mortgage the bank is not automatically entitled to take your home. In addition to the terms contained within the note and mortgage, the bank must also adhere to numerous federal statutes such as the Truth in Lending Act (“TILA”), Real Estate Settlement Procedures Act (“RESPA”), Fair Debt Collection Practices Act (“FDCPA”), and Fair Credit Reporting Act (“FCRA”) just to name a few. If the bank has violated even one of these federal statutes, or a term within the note or mortgage, the bank could be prohibited from foreclosing.
Do I Need a Foreclosure Defense Attorney?
If you are facing foreclosure and want to save your home or just avoid being personally responsible for any deficiency that may occur from the sale of your home it is extremely important that you retain an experienced foreclosure defense attorney to defend your case. Even if the bank has told you that you missed a payment and there is no defense to them foreclosing, involving an experienced attorney can greatly extend the time it will take them to foreclose on your home. This extension of time alone greatly increases the risk and cost the bank faces making it much more likely that they will work to modify your loan. When you combine this with the possible violations of RESPA, TILA, the FDCPA, the FCRA as well as the terms of the note and mortgage, the bank is much more likely to make the business decision to modify the loan rather than continue to litigate the foreclosure in court.
If you are facing foreclosure and are serious about saving your home, it is imperative that you retain an experienced foreclosure defense attorney today. Foreclosure is a complex issue and retaining counsel can be the difference between saving and losing your home. If you are behind on your mortgage, have missed a payment or even fear that you may fall behind on your mortgage and will soon be facing foreclosure call us today for your free consultation.