According to a report from ATTOM Data Solutions, the parent company of RealtyTrac, lenders initiated foreclosure proceedings on nearly half a million American homes in 2019. Have you missed a few payments and is your bank initiating foreclosure proceedings? If you don’t do something about it, you could end up losing your home. At Nahrgang & Associates, we’ve been helping residents of Montgomery County, PA and surrounding areas defend themselves against foreclosures for nearly 30 years. Here’s an overview of the foreclosure defense process straight from our experienced team of attorneys.
What is Foreclosure?
When you start missing payments on your home, your lender has the legal right to try and recover the property and sell it to recoup the money they lent you. Foreclosure is the legal process by which they do this. Depending on the terms of your mortgage, foreclosure may be triggered when you miss a certain number of payments, or it may occur under other conditions. Foreclosure must also be conducted in accordance with laws that vary from state to state. From beginning to end, the foreclosure process can take a while – up to 2 years in some cases – so you have some time to set things right.
Many people believe that once foreclosure starts, they will definitely lose their home. This couldn’t be further from the truth. In reality, there are many reasons why a judge might side with you in a foreclosure case. If things go your way in court, you could qualify for a loan modification that will allow you to continue living in your home.
In many cases, a foreclosure can be invalidated because your lender didn’t follow proper procedures, because they made a mistake, or because they engaged in abusive practices when lending you money. For example, your mortgage contract may contain excessive fees, or they may try to charge you fees that aren’t outlined in the original mortgage contract. Maybe your payments were credited to the wrong party, or you were charged late fees because your lender didn’t promptly cash your checks. Or maybe your lender didn’t initiate foreclosure in accordance with the laws in your state.
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Here are some other valid foreclosure defenses:
- Your lender can’t prove it owns your loan
- Your lender is pursuing foreclosure while a loan modification is pending
- You are already making payments on a loan modification and foreclosure was initiated anyway
- The mortgage is invalid for any one of a number of reasons.
These are all good reasons to defend foreclosure action, but you should never try to go it alone If you hope to have a successful foreclosure defense, it’s always best to hire an attorney. The foreclosure defense attorneys at Nahrgang & Associates have the knowledge and experience it will take to keep you in your home. Call (610) 489-3041 or fill out the online form on our contact page to schedule your free initial consultation with our attorneys. Foreclosure doesn’t have to mean losing your home; our foreclosure defense attorneys can help you.