Foreclosure is a difficult process that can make even the strongest person feel helpless. Know that you aren't helpless. While things may not be going as you had originally planned, this does not mean that all hope is lost. Even when you are going through a foreclosure – you still have legal rights.
Sufficient Warning
Even though the terms of your mortgage agreement likely stated that if you defaulted on the loan a foreclosure may be executed, this doesn't absolve the lender from warning you if they are going to take this action. This sufficient warning must come before you are forced out of the property.
If a lender is trying to get you to move and this warning has not been provided to you in the form of legal documentation – the foreclosure will not be legal.
Financial Review
If a lender informs you that they are moving toward a foreclosure, they must provide you with a financial review. The purpose of this process is to ensure that the foreclosure is justified. Unfortunately, there have been a countless number of scenarios in which a lender did not have the correct information regarding the payments the homeowner had made.
The financial review affords you the opportunity to compare the lender's payment information with your records to ensure there aren't any discrepancies.
Stopping An Illegal Foreclosure
If you believe you are dealing with an illegal foreclosure, there are two main legal actions you can take – a substantive or technical defense. A substantive defense is one in which the information being provided by the lender regarding the foreclosure is not accurate. An example of this would be a financial review that revealed that you have in fact paid your mortgage, as well as any penalties, per the terms of the loan.
If the lender still refuses to stop the foreclosure, you can take this action to stop it yourself. A technical defense is one in which some type of technicality occurs. For example, if the lender fails to provide you with sufficient notice regarding the foreclosure, you can file a technical defense to have the foreclosure halted. During this period, you may be able to bring your account up to date and avoid a re-filing.
If you believe you are facing an illegal foreclosure, it's important to take action as soon as possible. The longer you allow this process to continue without executing your rights, the harder it will be to end it. Speak with a foreclosure attorney, like Jeffrey S Arnold Attorney At Law P.C., right away.
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