When a person signs paperwork with a lender borrowing the funds to purchase property, they commit to paying off that property as per the terms of the agreement. Mortgage payments are listed in the paperwork, including the due date, the interest rate of the loan, and the amount owed to the lender. When the borrower ceases making payments to the lender, the lender is legally able to take possession of the property after certain guidelines are met. When a homeowner is faced with foreclosure, it’s a devastating money. Many homeowners assume a foreclosure notice from the bank is a final decision. Their home is no longer their own home, and they must leave immediately. They have no options. This is not true, especially when it’s related to foreclosure fraud.
Foreclosure fraud is a complex situation. It typically involves a bank or lender that fraudulently provided loans to consumers knowing they’d be foreclosed on before much longer. Every state has different foreclosure laws in place to protect lenders and homeowners, but most adhere to the same federal regulations.
Examples of foreclosure fraud include lenders who conceal subprime mortgages as conventional mortgages as a way of making more money in little time. Foreclosure fraud might occur when a lender doesn’t take into consideration the fact that a buyer cannot actually afford to make the monthly payments on a home loan. Lenders make this decision based on how much money they make from the transaction upfront. It might seem a lender doesn’t want a borrower to default on their mortgage, but many make so much money upfront they don’t worry about foreclosure since they can make the same deal with more borrowers as a result.
Foreclosure fraud can even entail modification programs offered by lenders. When a subprime mortgage is concealed as a conventional mortgage, borrowers might rely on modifying their mortgage for the opportunity to continue to afford their home. These programs are sometimes more expensive and more likely to result in foreclosure.
How does Foreclosure Fraud Defense Work?
When a bank or lender works to foreclose a mortgage, they must have the appropriate paperwork. They must prove the loan was defaulted on, no paperwork was filed stating any agreements between the lender and the borrower to work out their differences, and they must adhere to the rules stated by the federal government.
It’s a complex legal issue that often takes months to work out. The recent housing crisis has caused many companies to result in foreclosure fraud, which means they are kicking people out of their own homes on a falsified basis. Foreclosure fraud includes submitting illegal documentation, providing false documents to homeowners, and illegal means to intimidate homeowners into paying for things they that aren’t necessary to stop the foreclosure process.
A Foreclosure Fraud Attorney is familiar with the long, complex rules associated with foreclosure. Legal foreclosure proceedings begin with a notice of delinquency. From there, they ask the borrower to work with the lender to correct the situation. Foreclosure fraud scams might include anything from bullying, demands for payment, and an unwillingness to work with the homeowner. It’s helpful to know the laws regarding foreclosure in your state, as they’re the laws that are going to make your life easier.
If you’re in the process of foreclosure and not sure what to do about it, it’s time to learn what rights you have, what legal options are available to you, and how you can stop the process. There’s too much at stake not to take advantage of the legal expertise and knowledge of a foreclosure fraud attorney. Foreclosure fraud occurs all over the country, and it’s been occurring more than ever since the housing crisis. Don’t let your lender or a secondary scam artist take advantage of your financial situation when you can’t pay your mortgage. Call an attorney for help reviewing your mortgage documents and the stipulations and fine print. Foreclosure fraud is illegal, and you have a right to take legal action against the person or entity committing mortgage fraud against you. Protect your home and your finances with an experienced attorney.
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