If you are facing foreclosure and are looking for ways to defend against it, then you're likely being bombarded by different methods of defending against it. There is no magical defensive method that will work every time, but some of the "defenses" people talk about aren't defensive at all and don't help at all the majority of the time. We'll discuss some of the false defenses that trick homeowners out of their money and, ultimately, their homes.
What About Bankruptcy?
Some people think of bankruptcy as the magical solution to avoiding a foreclosure on their home, but it's not. Filing for Chapter 13 bankruptcy requires you to make payments that are more than your mortgage payment and it wrecks your credit score. A huge percentage, about 95%, of people who file for Chapter 13 to stave off foreclosure fail because they can't make the payments. So then you have bankruptcy and a lender foreclosing against you recorded on your credit report, and you ended up making huge payments to buy yourself a few more months to save your home, but it ended up being foreclosed anyway.
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What About A Truth In Lending Act (TILA) Analysis Or A "Loan Audit?"
Some companies promise they can find errors in your loan and can then use that to intimidate the mortgage company into cutting you a deal in exchange for avoiding a lawsuit. It sounds good, but the problem is that mortgage companies know that companies who claim they can do this are almost always scams and aren't afraid of them. Normally, the audit company will tell you to stop your mortgage payments, which puts you further behind, and then when you're on the brink of foreclosure, the audit company stops taking your calls. You'll have to pay a fee of several thousand dollars for a service that didn't help you and your home is still being foreclosed.
What About A HAMP Modification?
The government's dream is for every mortgage company to be thrilled and willing to help out homeowners who are in a bind on making your mortgage payments. This rarely works, but is still worth a pursuing; you never know until you try, but you should still look at other options and not solely rely on a mortgage modification to come through. Good advice is to keep a copy of everything that you send to the mortgage company. Mortgage companies are notorious for throwing away things you send and then turn around and claim that you never sent them. You can protect yourself by documenting everything you send.
Can I Make A Deal With The Mortgage Company?
Like any other business, mortgage companies don't like to be sued. To possibly avoid a lawsuit, it's a good idea to talk to your mortgage company to see if the two of you can work out a deal. Remember, the worst thing they can say is 'no.' They will often promise to work out a deal, or promise that you have a deal. This leaves two options: either they will honor their word and work out a deal, or they won't. If they follow through as promised, then great! You have just avoided a lawsuit and/or foreclosure. But if they say they will work out a deal for you and fail to do so, then you have grounds to sue the company for being dishonest.
Can I Sue A Mortgage Company For Breaking The Law?
If you have a loan that was made in the last ten years and are dealing with a national bank, then it's pretty likely that you will experience difficulties either with the loan itself or the behavior of the loans servicer. If this is the case, then you can file a counterclaim to an ejectment suit (an ejectment suit comes after a foreclosure to evict you from the property). Mortgage companies who have been sued for dishonest conduct will often contact your defense lawyer and try to reach a reasonable and fair solution to the case before it gets to court. One of the last things a mortgage company wants to do is go to court and defend itself in front of a jury of consumers.
Conclusion
There are several bogus methods to defend your home from foreclosure. Some methods, such as bankruptcy, usually don't save your home. You can also pay an out of state company a few thousand dollars for a TILA analysis and still end up losing your home to foreclosure. Obtaining a HAMP modification is a good option to explore, but it shouldn't be the only thing you count on to save your home. You can always talk to your mortgage company to see if they are willing to work out a deal with you. If they say 'no' then you're not out anything more than you were before, and if they say 'yes' then they will either honor the agreement or they won't. If they do, then you will reap the benefits; and if they fail to honor it, then you have legitimate grounds to sue them for lying to you and breaking their end of the agreement.
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