WHY SHOULD I FIGHT MY FORECLOSURE?
If you have been served with a complaint to foreclosure on your home, your options are limited. First, you can negotiate with your mortgage company to reinstate the mortgage. Secondly, you can file a Chapter 13 bankruptcy. Thirdly, you can sell your home or attempt to refinance. Fourthly, you can give up and get out of your home. Finally, you can fight the foreclosure.
The first two options assume that you can afford your current monthly payment, and selling or refinacing your home may be impossible if you have little equity or even negative equity.
Many homeowners, especially those with subprime mortgages, can no longer afford the mortgage payments, even if the mortgage were current. That makes a Chapter 13 bankruptcy impossible. Even if you are behind on your payments, and cannot afford the current monthly payment, you should contact Parker & DuFresne to fight the foreclosure.
While you are litigating the foreclosure case, you are not required to make your normal monthly mortgage payments. The legal process will afford you time to reinstate the mortgage, sell your home, file a bankruptcy or move out. You may be able to force the lender to completely rewrite the terms of your note and mortgage, enabling you to keep your home.
This may sound too good to be true, but you may actually have valuable defenses and counterclaims against your mortgage company that could actually prevent foreclosure and even require your lender to pay you damages. Across the country, judges are punishing mortgage companies for incomplete record keeping and for violations of the Truth In Lending Act. You may be able to allege valid defenses including fraud and Truth In Lending Act violations.
Are you aware that your mortgage company is probably not the same company that actually loaned you the money to buy or refinance your home? How do you know if the mortgage company suing you has been properly assigned your note and mortgage? Your mortgage company may have failed to properly assign the note and mortgage before initiating the foreclosure. Does your foreclosure complaint even have copies of the note, mortgage and purported assignment attached?
Most likely, these documents are not attached, and may not even be in the possession of your mortgage company. Your mortgage company may be attempting to substitute your original note and/or mortgage with a purported copy. This is called a “Count to Establish Lost Documents." There are strict legal requirements to establish a lost note or mortgage, and your mortgage company may be unable to meet the requirements if challenged.
CHECK OUT THIS RECENT NEWS REPORT!
If your current mortgage company is not your original lender, it probably has never read your mortgage. Your mortgage may require that the plaintiff accelerate (i.e. demand) the entire balance of the note. Your mortgage company may have failed to do that, which may entitle you the opportunity to cure the mortgage by paying the reinstatement amount. It is also common for mortgage companies to inflate the balance due on the mortgage by charging homeowners junk fees, such as Broker Price Opinions (BPO), property inspections and other "property preservation expenses."
So, essentially, your mortgage company may have filed an improper foreclosure lawsuit, but your time is limited. You have or will be served a copy of the foreclosure complaint by a process server. You typically have only 20 days to respond to the mortgage company's complaint, so you need to see an attorney immediately if you wish to defend against the foreclosure. If you are beyond the twenty days, there are still defenses that can be raised.
Chip Parker is a graduate of the prestigious Max Gardner's Bankruptcy Boot Camp, which has been featured in Business Week magazine and on ABC's Nightline. The attorneys of Parker & DuFresne are armed with the knowledge and resouces to fight your mortgage company, and they will meet with you for free to review your foreclosure complaint and discuss your options.
The first two options assume that you can afford your current monthly payment, and selling or refinacing your home may be impossible if you have little equity or even negative equity.
Many homeowners, especially those with subprime mortgages, can no longer afford the mortgage payments, even if the mortgage were current. That makes a Chapter 13 bankruptcy impossible. Even if you are behind on your payments, and cannot afford the current monthly payment, you should contact Parker & DuFresne to fight the foreclosure.
While you are litigating the foreclosure case, you are not required to make your normal monthly mortgage payments. The legal process will afford you time to reinstate the mortgage, sell your home, file a bankruptcy or move out. You may be able to force the lender to completely rewrite the terms of your note and mortgage, enabling you to keep your home.
This may sound too good to be true, but you may actually have valuable defenses and counterclaims against your mortgage company that could actually prevent foreclosure and even require your lender to pay you damages. Across the country, judges are punishing mortgage companies for incomplete record keeping and for violations of the Truth In Lending Act. You may be able to allege valid defenses including fraud and Truth In Lending Act violations.
Are you aware that your mortgage company is probably not the same company that actually loaned you the money to buy or refinance your home? How do you know if the mortgage company suing you has been properly assigned your note and mortgage? Your mortgage company may have failed to properly assign the note and mortgage before initiating the foreclosure. Does your foreclosure complaint even have copies of the note, mortgage and purported assignment attached?
Most likely, these documents are not attached, and may not even be in the possession of your mortgage company. Your mortgage company may be attempting to substitute your original note and/or mortgage with a purported copy. This is called a “Count to Establish Lost Documents." There are strict legal requirements to establish a lost note or mortgage, and your mortgage company may be unable to meet the requirements if challenged.
CHECK OUT THIS RECENT NEWS REPORT!
If your current mortgage company is not your original lender, it probably has never read your mortgage. Your mortgage may require that the plaintiff accelerate (i.e. demand) the entire balance of the note. Your mortgage company may have failed to do that, which may entitle you the opportunity to cure the mortgage by paying the reinstatement amount. It is also common for mortgage companies to inflate the balance due on the mortgage by charging homeowners junk fees, such as Broker Price Opinions (BPO), property inspections and other "property preservation expenses."
So, essentially, your mortgage company may have filed an improper foreclosure lawsuit, but your time is limited. You have or will be served a copy of the foreclosure complaint by a process server. You typically have only 20 days to respond to the mortgage company's complaint, so you need to see an attorney immediately if you wish to defend against the foreclosure. If you are beyond the twenty days, there are still defenses that can be raised.
Chip Parker is a graduate of the prestigious Max Gardner's Bankruptcy Boot Camp, which has been featured in Business Week magazine and on ABC's Nightline. The attorneys of Parker & DuFresne are armed with the knowledge and resouces to fight your mortgage company, and they will meet with you for free to review your foreclosure complaint and discuss your options.