Category: Foreclosure Defense Lawyer

Most people do not possess enough money to buy a house with cash, thus they opt for a mortgage to purchase a house by making monthly payments over several years. However, over time, there can be a change in circumstances; excessive debt and financial difficulties may render them unable to make their monthly mortgage payments. In such cases, the lending financial institution may decide to initiate foreclosure to recover the balance.

Facts available on Federal Deposit Insurance Corporation’s website shows that 250,000 new families enter into foreclosure every quarter in the United States. The worst decision one can make under such circumstances is to delay the process by ignoring the foreclosure problem i.e. not taking any action. If you are facing foreclosure, you must take proactive steps to avoid foreclosure at any cost.

The first and foremost step should be to initiate negotiations with the lender to offer a lower interest rate, an extension of the loan, or temporary reduction in the monthly payment. If the negotiations do not succeed, your next step should be bringing an experienced foreclosure defense lawyer on board and prepare for a foreclosure battle in the court.

Foreclosure Defenses

There are different defenses available in case a threat of foreclosure is looming over your head. Your lawyer will try to find any mistakes that are made by the lender in the mortgage agreement or foreclosure processes such as calculation mistakes by the mortgage provider, improper notice of default, or failure to adhere to state-required procedures. Though most of the mistakes can be corrected and may not prevent foreclosure, it will buy you enough time to manage your finances and prepare a better defense.

Moreover, a proficient foreclosure defense lawyer is equipped with extensive knowledge related to foreclosure and astute negotiation skills, which will allow them to negotiate with the lender much more effectively during the settlement. Using their sharpened convincing skills, your attorney is likely to help you cut a deal to prevent foreclosure, possibly in the form of favorable mortgage terms that fit your budget.

A seasoned foreclosure defense lawyer may also employ several other techniques to keep your rights as a borrower protected and prevent foreclosure. For instance, they may try to prove that the terms of the mortgage agreement were unconscionable, thus the contract is not binding and consequently, not enforceable.

Some mortgage contracts and trust deeds also include a promissory note, which enables the lender to pursue their payment through your other financial assets. Your lawyer may seek short sale where the lender allows you to sell your home at a lower price than a mortgage or employ bankruptcy defense to ensure that your private assets remain protected.

There are several legal and technical complexities involved pertaining to the foreclosure process, which makes it extremely difficult for an individual to comprehend and come up with a sound strategy. However, a skillful attorney will guide you through the process and help you devise a comprehensive foreclosure defense to mitigate the situation and find an optimal solution.

If you wish to know more about this subject or speak with an experienced foreclosure defense lawyer, contact the offices of Covert & Covert LLP at (630) 717-2783 and schedule a free consultation session.

Foreclosure is a common occurrence in the United States. A report from Attom Data Solutions revealed 362,275 foreclosure filings of U.S. properties in the first half of 2018. In an environment where homebuyers buy a house on mortgage at a much higher rate than its selling value, foreclosure can severely damage their financial position. Moreover, it can also negatively affect their credit ratings. But, what actually is a foreclosure? And do you need a lawyer to construct a defense? Let’s find out.

What Is a Foreclosure?

Foreclosure is a process that is used by financial institutions against homeowners who are not able to keep up with their mortgage payments. The primary goal of lenders, mostly financial institutions or banks, to initiate a foreclosure process is to recoup their losses by taking control of a mortgaged house and then selling it.

Do You Need a Foreclosure Defense Lawyer?

There are many defenses available against foreclosure, however, it is highly impractical for an individual to properly use them in their favor due to legal technicalities. Therefore, if you are facing a threat of a foreclosure, it can be extremely beneficial for your case to hire an experienced foreclosure defense lawyer. A skillful attorney can help you construct a strong foreclosure defense by using their knowledge and competence pertaining to law and regulations.

Some defenses your foreclosure defense lawyer can construct to favor your case may include unconscionable mortgage terms, which may show that your mortgage terms were unjust and one-sided. Moreover, your attorney can also defend your rights in case of an absence of notice of default, which may demonstrate that lender did not notify you about nonpayment (notice of default is imperative for initiating a foreclosure process).

Other defenses may include bankruptcy defense and perhaps failure to adhering state requirements of foreclosure procedures or mistakes in calculation provided by mortgage provider can be used by your lawyer to remedy the situation. By leveraging discrepancies and irregularities in foreclosure documentation presented by a lender, your lawyer can effectively provide you with an upper hand in foreclosure proceedings.

It is advisable to take a proactive approach and educate yourself in an earlier stage of your case about foreclosure processes and options. However, you should make sure that you hire an attorney with relevant experience and skills in constructing a compelling foreclosure defense. Furthermore, it can be advantageous for your case if your lawyer has experience in short sales, deed in lieu, and other real estate areas, as it will allow them to protect your interests more effectively.

If you wish to know more about this subject or speak with an experienced foreclosure defense lawyer, contact the offices of Covert & Covert LLP at (630) 717-2783 and schedule a free consultation session.

If you are running behind your monthly mortgage payments and facing the risk of foreclosure, you will need to make a decision about whether you want to fight foreclosure proceedings or comply with the wishes of your bank or lending institution. Foreclosure would force you to vacate your property and also impact your credit rating negatively.

Therefore, it is imperative that you hire a foreclosure defense lawyer to prevent foreclosure either by the modification of your existing loan or extension.

How can a foreclosure defense lawyer help you?

A competent and professional foreclosure defense lawyer will exercise his professional expertise and judgment and will be able to represent your case much more effectively, which will strengthen your case.

Firstly, a foreclosure defense lawyer will file a notice of appearance, also known as NOA, with your bank and the court, which will enable him to officially represent you in the case. After the filing process is completed, the bank will provide information directly to your lawyer and he will manage all the paperwork on your behalf.

Secondly, your lender must have filed a foreclosure lawsuit against your home. Consequently, you may receive a summons from the court. The bank assumes the role of the plaintiff and you become the defendant party of the case.

Your lawyer will exercise your right to respond by stating your intentions to fight the case in order to save your home. Using his experience and knowledge, he will be able to highlight the weak link of the complaint, which can easily be ignored by a common person.

Thirdly, he will represent you and advocate on your behalf in the settlement conferences, if any, between you and your bank. It is an arrangement where both parties meet with a referee appointed by the court in order to come to a resolution. You cannot expect to face the bank attorney without a seasonal foreclosure defense lawyer as you will be comprehensively outmatched due to their professional experience and skills.

Finally, during the period when solutions such as loan modification are designed, your defense lawyer will use foreclosure defense strategies in order to save you from foreclosure. A knowledgeable lawyer can utilize different strategies depending on the circumstances and nature of your case to buy you enough time to give you a commanding position in the case.

If you wish to know more about this subject and speak with an experienced foreclosure defense lawyer, contact the offices of Covert & Covert LLP at (630) 717-2783 and schedule a free consultation session.

To be living off of disability and facing foreclosure can create quite a conundrum. Will your lending financial institution’s decision to foreclose your property while you are solely surviving on social security impact your life?  Yes. But in the case that the lender is not able to recover the amount you owe by selling the mortgaged property, will the court, under the garb of garnishment allow the lender to take your social security funds away? And do you need a foreclosure defense lawyer? These are the most common questions that run through the head of every person that goes through this hardship.

What does the law say?

In cases where the lender is unable to recover the money it is owed by the borrower by selling the mortgaged property, the courts have allowed lenders to seize money being given by third parties such as employers to satiate the debt owed by the person in question. Any good Foreclosure Defense lawyer would inform you that according to the Social Security Act, your social security payments cannot be withheld or taken by your lender under any circumstances. Therefore, there is no need to be worried about losing your social security or disability payments even if you are facing foreclosure. Your social security/disability payments are protected by law, and your lender cannot take them away from you.

Make the best of a bad situation

Facing foreclosure while you don’t have a steady source of income can make you feel quite vulnerable. Most property owners tend to get overwhelmed and make mistakes in their confusion and haste. But if you maintain your composure and decide to not give up without a fight, you could potentially turn the tide in your favor. Consult a veteran foreclosure defense lawyer to get the best advice according to your case. Every case is different from the other and only someone well-versed in the machinations of the legal system can provide you with the best course of action. Rather than being stunned by foreclosure, compose yourself and seek the best way out of a messy situation. Your social security disability payments are already protected by law, and you might be able to salvage your property if you play your cards well enough.

For further information and guidance or to schedule a free consultation session, contact Covert & Covert, LLP today at 630-717-2783 to speak with a qualified and experienced lawyer on this issue.