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.