Are you having trouble with foreclosure? Is the bank threatening you that they will sell your house? Well, that is what foreclosure is all about. In this article, you will understand why a foreclosure takes place and how you can fight against it keeping the lender away from selling your home.
The legal procedure by which the lender takes the right to the owner's property by the order of the court is known as foreclosure. The property sold in this process is the property which was mortgaged by the borrower as security interest to the lender. The property is sold at a public auction when the borrower fails to make monthly payments on time. The proceedings earned from sale are used to pay off the debt amount and the money left is used for making payments of legal procedures.
Foreclosure can make you lose your house. But you do not want that to happen and thus want strategies that can help you stop foreclosure. There are a number of lawyers who can help you out with this. They may be able to give you the right advice but at a time of financial crisis, it will be difficult for you to pay the fees charged by these lawyers.
Every mortgage is associated with a number of discrepancies. Knowing about these discrepancies will let you have the upper hand in court. But the bank does not let you know about these loopholes.
The first strategy that you can try to stop foreclosure is demanding the bank to produce the note. A promissory note or mortgage contract is signed by the borrower while securing the loan. The mortgage is often sold a number of times and in this process, it is difficult to understand who the actual owner of the mortgage is. In the entire process, the chance of the note being lost is high. Thus, if you file a complaint against the bank as they fail to produce the note, the proceedings of foreclosure will be postponed giving you time to settle with the court system and renegotiate.
Are you facing trouble maintaining track of your monthly payments and have been denied traditional loan modification? Forensic loan audit is the solution to your problems. It helps analyze all mortgage documents including the promissory note for any violations or discrepancies. Forensic loan audit is going to be advantageous for the borrower.
How To Tackle Foreclosure?
The legal procedure by which the lender takes the right to the owner's property by the order of the court is known as foreclosure. The property sold in this process is the property which was mortgaged by the borrower as security interest to the lender. The property is sold at a public auction when the borrower fails to make monthly payments on time. The proceedings earned from sale are used to pay off the debt amount and the money left is used for making payments of legal procedures.
Foreclosure can make you lose your house. But you do not want that to happen and thus want strategies that can help you stop foreclosure. There are a number of lawyers who can help you out with this. They may be able to give you the right advice but at a time of financial crisis, it will be difficult for you to pay the fees charged by these lawyers.
Every mortgage is associated with a number of discrepancies. Knowing about these discrepancies will let you have the upper hand in court. But the bank does not let you know about these loopholes.
The first strategy that you can try to stop foreclosure is demanding the bank to produce the note. A promissory note or mortgage contract is signed by the borrower while securing the loan. The mortgage is often sold a number of times and in this process, it is difficult to understand who the actual owner of the mortgage is. In the entire process, the chance of the note being lost is high. Thus, if you file a complaint against the bank as they fail to produce the note, the proceedings of foreclosure will be postponed giving you time to settle with the court system and renegotiate.
Are you facing trouble maintaining track of your monthly payments and have been denied traditional loan modification? Forensic loan audit is the solution to your problems. It helps analyze all mortgage documents including the promissory note for any violations or discrepancies. Forensic loan audit is going to be advantageous for the borrower.
How To Tackle Foreclosure?
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