In the United States, losing your home to foreclosure is very common, and by 2014, the number rose to 6 million from 4.2 million in 2007. What exactly is foreclosure? When a person loses their home to foreclosure, it happens because of their inability to carry out their obligations towards their mortgage. At Behren Law Firm, we help our clients devise a foreclosure defense strategy and help them reach a common consensus with the banks to keep their homes. In the past, foreclosure defense was not an option; however, with the increase in the number of people who lost their cases to foreclosure, homeowners decided they needed to protect their homes, so they came up with this.
The idea of foreclosure defense is to help the client came to some modifications and alterations to their mortgage agreement, which makes it more affordable for them. Let us now look at some of these modifications and discuss foreclosure defense in more detail.
Certain modifications can be done to your mortgage agreement which could help tilt the scales in your favour. These include a reduction in the interest rate that is applicable on your loan, thus making your loan less expensive to repay. Reducing the loan’s principal amount is also an option that can be discussed with banks. If you have delayed your loan repayments and have crossed the due date, you can discuss and reach an agreement to waive off the late fees or any other penalties applicable to late fees.
If you find it impossible to meet your monthly payment requirement, you can modify your mortgage agreement to reduce the amount due every month. Last but not least, you can also take some time off from making these payments and extend the time required for you to make the payments. This is called forbearance and is one of the most popular mortgage modifications.
The Idea behind Foreclosure Defense
The idea of a foreclosure defense strategy is to prove to the jury that the bank does not have the right to take back your home. The attorney can use their legal knowledge to find out any flaws in the legal system or unethical practices on the lender’s part to base their case. With the rise in foreclosure cases, there was a pressing need for homeowners and attorneys to develop a strategy that could protect the rights of homeowners. There have been several very successful cases, and homeowners have protected themselves from getting homeless because of the bank seizing their homes.
Other Defense Strategies for Foreclosure Cases
One of the most popular and essential foreclosure defense strategies is filing for bankruptcy. In this case, your home will be declared an unsecured asset, and the lender can object to the bankruptcy claim if they wish. Injection on the dangerous part means that they will have to go through the flawed process and provide evidence of the “perfect title”, and the burden will not fall on the shoulders of the homeowners.
Another overall defense strategy is proving that the bank is not directly involved in the agreement and another party is liable to mortgage payments. Any payments regarding the mortgage have already been made to the concerned party. Lastly, if your loan has been securitized or the loan amount has been converted into stocks, you can show that it cannot be reverted to a loan; thus, any payments on the loan are no longer applicable.
If you are struggling to keep possession of your home under your possession or are enveloped by the fear of becoming homeless due to the bank seizing your home as a result of your failure to comply with the mortgage agreement, we would advise you to hire end attorney from our firm. With a lot of experience and high demand, we promise to tackle your case in the most proficient manner!