If your home was stolen by the banks (or you are in the process of losing it) you may have legal options to stop the process or sue the bank that foreclosed wrongfully on you! Homeowner's who feels they have been wrongly foreclosed should share what happened immediately. Our attorneys:
- Are highly experienced in wrongful foreclosure and mortgage fraud cases
- Understand the regulations and will fight to get justice from the banks who took your home away
- Realize the pain and stress foreclosure brings and will work hard to get you the fastest, most beneficial outcome
Studies done by the federal government have found that many banks were involved in fraudulent and unethical activity surrounding the servicing of consumer mortgages.
Situations where interest rates were raised unfairly, unnecessary insurance coverage was required, violations in the terms of the mortgage or loan modification, and other intentional errors in mortgage loan servicing are just some of the reasons uninformed borrowers have lost their homes, despite their ability and willingness to continue paying on their mortgages.
What many consumers are not aware of is that foreclosure in many cases is a choice rather than an obligation.
By following some simple steps, foreclosure could have been avoided.Banks and lenders have preyed on the innocence and lack of knowledge regarding mortgage proceedings to wrongfully foreclose on millions of Americans; perhaps this has even happened to you.
The banking and housing crisis that affected America in 2008 has had severe and far reaching effects.
In fact, we are still experiencing economic fallout from this event, and one of the more unfortunate occurrences has been the practice of wrongful foreclosure and mortgage fraud.
Estimates are that as many as 4 million American homeowners may have been impacted by these unethical practices.
However, under a recent federal ruling those affected by these unethical practices may be eligible for compensation. There are several situations covered under the federal compensation plan, including:
- Homeowners who were foreclosed on even though they werenot in default
- Borrowers who were denied loan assistance in error
- Loan modifications which contained errors
- Foreclosure on military personnel who are protected by federal law from foreclosure
If your home was foreclosed upon under any of the above circumstances you should contact a wrongful foreclosure attorney immediately.Review My Case Now
In addition to the compensation you may be eligible for, another very good reason to avoid foreclosure is the impact it will have on your credit rating.
A foreclosure on your credit record can make it almost impossible to obtain a mortgage in the future.
With this being the case, you may consider a sale of the home as your best defense against foreclosure. Bear in mind though that if foreclosure proceedings have begun, even if the foreclosure is fraudulent, there are legal requirements that need to be considered.
An experienced wrongful foreclosure attorney can be of assistance even in the early stages of fraudulent foreclosure. They can advise you of your rights as the foreclosure proceeds and may even help you avoid the option of foreclosure.
If you do not wish to sell the house, or cannot for any reason, your next best recourse is negotiation.
Your foreclosure attorney is well suited to conduct negotiations with the bank on your behalf, and may be able to secure an agreement that is suitable for all the involved parties.
In some cases it may be impossible to reach a settlement, and if there is obvious fraud on the part of the bank, your wrongful foreclosure attorney should be able to get compensation for you fairly rapidly, as they are already deeply involved and familiar with your case.
Where the lawsuit turns out to be difficult for you, yet the bank has obviously acted in a fraudulent manner, your attorney may utilize a technique known as Produce the Note.
This is where the bank is asked to produce the promissory note that details the mortgage loan. When the bank has violated the terms of the mortgage, it is almost certain that they will not be able to present the promissory note.
It is also possible that the note has been lost or misplaced because of the divided ownership of the property. When no note is produced, the foreclosure proceedings are halted, thus giving you time to arrange your finances, and your attorney time to gather additional proof and evidence of the wrongful foreclosure.Review My Case Now
Considering the large monetary awards being offered under the federal ruling, it can be expected that the homeowner will be subjected to a substantial burden of proof. With this being the case, it is in your best interests to file as quickly as possible. This will allow your wrongful foreclosure attorney adequate time to gather all of the necessary documents for your claim.
Though the new rules allow for large settlements and are quite clear about the situations which constitute foreclosure fraud, only 194,000 borrowers entered claims in 2011.
As more people become aware of the new rules and the need to file a claim, it will delay the settlement process. A qualified wrongful foreclosure attorney understands the new regulations, the need for speedy filing, and the paperwork that is required for a successful claim.Review My Case Now
Don't be intimidated by the idea of filing a claim against the huge corporate banks who have been found to have fraudulently foreclosed on so many American homeowners.
Experienced wrongful foreclosure attorneys understand the regulations and will fight to get justice from the banks who took your home away from you under false pretenses.
If you have any questions regarding your eligibility to receive compensation under the federal wrongful foreclosure regulations, contact one of our attorneys now for a free consultation.
There is no obligation, and if it is decided that you were the victim of a wrongful foreclosure, our attorneys will stand up for you against the big banks.
With potential settlements of up to $125,000 you could be entitled to large compensation for the injustice that you endured.