The unethical methods employed by mortgage lenders to initiate foreclosures on people's homes have been highly publicized. Some of the lenders proceeded with repossessing homes even though they didn't have proper documentation verifying they had a valid lien or interest in the properties. There are many strategies a foreclosure defense Chicago attorney can implement on your behalf if you want to save your home.
Even though many homeowners were frustrated with their attempts to get a loan modification, it may be beneficial for some homeowners to explore this option again. In February 2012, the major mortgage lenders reached a settlement with the federal government. The mortgage lenders agreed to offer substantial financial assistance to homeowners.
Previously, the lenders only offered to reduce the monthly payments and add the delinquent amount to the back of the loan. After this recent settlement, more mortgage lenders are offering to reduce the principal amount on the loan. A principal reduction is particularly beneficial for people with mortgages that exceed the fair market value of the home.
Unfortunately, many homeowners don't seek help until the lender is on the verge of starting the foreclosure, but there is a way to stop the clock. Filing for bankruptcy stops all collection actions of the creditors. The lender cannot continue with any attempts to gain possession and sell the house during an active bankruptcy case.
During bankruptcy the lender cannot take your home without permission from the court. Getting a discharge from the bankruptcy court means that you will not have to pay back certain creditors and you can rearrange your remaining debt obligations. While you are under bankruptcy protection, your lawyer can use different strategies that will help you keep your property.
Demanding that that lender produce the note is a legal defense that can be utilized in certain cases. The note shows that the lender is the creditor and possesses the document that has the homeowner's signature. The original note a homeowner signed proves that the homeowner took the money from the lender to purchase the property and it lists the repayment terms. Many lenders do not have the proper paperwork showing that they are the original creditor or that they were legally assigned to collect the debt.
Showing that a party has standing in court is also a great legal maneuver. The lender has to prove that it is either the original creditor or the debt was legally transferred to it. The lender needs to show that it has the right to enforce collection of the mortgage. It is well known that many of the mortgages underwent securitization. Many lenders sold their mortgages to investors. The investors pooled a lot of residential mortgages together and sold them off to a different group of investors. Due to the way the mortgages were handled it is difficult for lenders to trace exactly which creditor has the right to collect on the mortgage.
Arrange an appointment with a foreclosure defense Chicago lawyer if there is the possibility of you losing your home. The lawyer will evaluate your paperwork and assess all of the possible legal strategies that can be used. It is important to get the legal assistance you need in order to protect your investment in the property.
Even though many homeowners were frustrated with their attempts to get a loan modification, it may be beneficial for some homeowners to explore this option again. In February 2012, the major mortgage lenders reached a settlement with the federal government. The mortgage lenders agreed to offer substantial financial assistance to homeowners.
Previously, the lenders only offered to reduce the monthly payments and add the delinquent amount to the back of the loan. After this recent settlement, more mortgage lenders are offering to reduce the principal amount on the loan. A principal reduction is particularly beneficial for people with mortgages that exceed the fair market value of the home.
Unfortunately, many homeowners don't seek help until the lender is on the verge of starting the foreclosure, but there is a way to stop the clock. Filing for bankruptcy stops all collection actions of the creditors. The lender cannot continue with any attempts to gain possession and sell the house during an active bankruptcy case.
During bankruptcy the lender cannot take your home without permission from the court. Getting a discharge from the bankruptcy court means that you will not have to pay back certain creditors and you can rearrange your remaining debt obligations. While you are under bankruptcy protection, your lawyer can use different strategies that will help you keep your property.
Demanding that that lender produce the note is a legal defense that can be utilized in certain cases. The note shows that the lender is the creditor and possesses the document that has the homeowner's signature. The original note a homeowner signed proves that the homeowner took the money from the lender to purchase the property and it lists the repayment terms. Many lenders do not have the proper paperwork showing that they are the original creditor or that they were legally assigned to collect the debt.
Showing that a party has standing in court is also a great legal maneuver. The lender has to prove that it is either the original creditor or the debt was legally transferred to it. The lender needs to show that it has the right to enforce collection of the mortgage. It is well known that many of the mortgages underwent securitization. Many lenders sold their mortgages to investors. The investors pooled a lot of residential mortgages together and sold them off to a different group of investors. Due to the way the mortgages were handled it is difficult for lenders to trace exactly which creditor has the right to collect on the mortgage.
Arrange an appointment with a foreclosure defense Chicago lawyer if there is the possibility of you losing your home. The lawyer will evaluate your paperwork and assess all of the possible legal strategies that can be used. It is important to get the legal assistance you need in order to protect your investment in the property.
About the Author:
For helpful info on foreclosure defense Chicago residents may go to www.mjkforeclosuredefensechicago.com. You also can find valuable information concering home mortgages at http://www.mjkforeclosuredefensechicago.com.
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