Believe it or not, the last thing most lenders want to do is foreclose on your home. They may eventually be forced to do so, but they would prefer to entertain other options if they make sense…..and in many circumstances, short sales make the most sense. In this challenging market where most lenders stand to lose millions, they would ideally wish to recoup what they can from outstanding mortgage loans.
If you haven’t taken the initiative to begin the short sale process or if you waited too long to take action, you still have options. Each person’s situation, credit history, employment status, financial obligations, etc. paint unique pictures; but the details can add up to solutions.
Understanding Your Lender
There was a time when the same lender originated your loan and held that note for the entire life of that loan. However, over the past decade, mortgages have been securitized; they are now bundled and sold to investors. As a result of these complex dealings, the original bank may or may not have necessarily followed the appropriate legal procedures. Documents may have been improperly endorsed, not endorsed at all, and even forged in some cases.
In the state of Florida, lenders are required to prove they have the right to foreclose on a property by citing actual “ownership” of the mortgage.
The absence of this paper trail may provide the opportunity for you to:
- Remain in your home longer
- Assess your entitlement to certain government programs
- Explore a mortgage modification
- Investigate the lender to ensure their compliance with state and federal laws
What we seek are loopholes that will give you breathing room. Because we are committed to working with our foreclosure defense clients, we offer affordable payment plans so funding this alternative will not stand in the way of saving your home.
What Are Your Rights in a Foreclosure Situation?
- You have the right to be represented
- You have the right to your day in court
- You have the right to explore alternatives
- You have the right to fight back against a lender
Bottom line: You needn’t take the lender’s word that they have the right to foreclose on your home until due diligence is conducted to ascertain their relationship to your mortgage. We will work with you to assess your unique situation, and then develop your course of action.