Homeowners get behind on their mortgages for all kinds of reasons. It can happen when a job loss, illness, divorce, or death strikes a family. In other cases, homeowners believe that the lender has made critical errors that adversely affected their mortgage and put their credit in jeopardy. In order to sort through what can become a very complicated process, it may be necessary to contact a foreclosure attorney Houston homeowners recommend.
Although most loan servicers have checks and balances to reduce errors, they can and do make mistakes. Similar account numbers and payee names can be the source of errors. Exorbitant late fees are a tactic some lenders use to try and force homeowners to pay on time. They may also attempt to charge fees that are not legally allowable. It is critical that you keep every written notice, email correspondence, and certified letter between you and the lender.
Every state has laws and regulations regarding the procedure for processing foreclosures. Lenders who don't follow those procedures can be vulnerable to litigation from homeowners. It may take an experienced lawyer, familiar with foreclosures law, to determine the seriousness of the lender's errors.
Your original lender may sell your loan, in a package with others, at some point. This can get complicated, and previous lenders have begun foreclosure proceedings against homeowners whose loans they no longer hold. If you suspect this is happening to you, you should contact a lawyer to make the previous lender suing you prove ownership of the loan.
Those in the military have special protection against foreclosure actions. If the home loan was taken out before the homeowner went on active duty, the servicer can't begin foreclosing without a court order. Your lawyer can explain how the Servicemembers Civil Relief Act works and how it protects the military and their families.
Dual tracking was a common practice for many years. It occurred when a homeowner applied for a loan modification and, while the lender was in the process of evaluating the application, the loan servicer also continued to process the foreclosure. It is illegal to do this now. Stalling the loan modification application is another technique some lenders use. You will need a lawyer to represent your interests against these practices.
Your home belongs to you until the process of foreclosing is complete. If you decide you want to stay in the home, you have a right to do so. It may take years to complete the process, especially in states with redemption rights. If the lender attempts to keep you from living in the house, by changing the locks for instance, a lawyer can stop the harassment.
You do have rights and recourse if you are the victim of a lender's errors or illegal practices. In order to keep your home, you may have to retain the services of a good lawyer familiar with foreclosures. It will be worth the money though, if you end up keeping your home and family together.
Although most loan servicers have checks and balances to reduce errors, they can and do make mistakes. Similar account numbers and payee names can be the source of errors. Exorbitant late fees are a tactic some lenders use to try and force homeowners to pay on time. They may also attempt to charge fees that are not legally allowable. It is critical that you keep every written notice, email correspondence, and certified letter between you and the lender.
Every state has laws and regulations regarding the procedure for processing foreclosures. Lenders who don't follow those procedures can be vulnerable to litigation from homeowners. It may take an experienced lawyer, familiar with foreclosures law, to determine the seriousness of the lender's errors.
Your original lender may sell your loan, in a package with others, at some point. This can get complicated, and previous lenders have begun foreclosure proceedings against homeowners whose loans they no longer hold. If you suspect this is happening to you, you should contact a lawyer to make the previous lender suing you prove ownership of the loan.
Those in the military have special protection against foreclosure actions. If the home loan was taken out before the homeowner went on active duty, the servicer can't begin foreclosing without a court order. Your lawyer can explain how the Servicemembers Civil Relief Act works and how it protects the military and their families.
Dual tracking was a common practice for many years. It occurred when a homeowner applied for a loan modification and, while the lender was in the process of evaluating the application, the loan servicer also continued to process the foreclosure. It is illegal to do this now. Stalling the loan modification application is another technique some lenders use. You will need a lawyer to represent your interests against these practices.
Your home belongs to you until the process of foreclosing is complete. If you decide you want to stay in the home, you have a right to do so. It may take years to complete the process, especially in states with redemption rights. If the lender attempts to keep you from living in the house, by changing the locks for instance, a lawyer can stop the harassment.
You do have rights and recourse if you are the victim of a lender's errors or illegal practices. In order to keep your home, you may have to retain the services of a good lawyer familiar with foreclosures. It will be worth the money though, if you end up keeping your home and family together.
About the Author:
Get a summary of the things to consider before choosing a foreclosure attorney Houston area and more information about an experienced lawyer at http://www.saveyourprop.com now.
No comments:
Post a Comment