There are many laws related to foreclosure that help to protect property owners. Lenders have a right to foreclose in specific scenarios but must follow the proper process to do so.
Small deviations from established standards can provide homeowners with a defense against a pending foreclosure. Those facing foreclosure are often eager to do whatever it takes to protect their interest in real property.
Mounting a defense in the court system by proving that the lender violated state and federal standards could help people protect their interest in real property.
What errors are common?
There are a host of different foreclosure mistakes that lenders might make that could impact the foreclosure process. In some cases, lenders may have mistakenly failed to credit homeowners for payments that they submitted. Proof of payment can potentially restart the clock for the foreclosure process.
Similarly, homeowners may be able to fight back when lenders attempt to foreclose after they miss fewer than four payments. Failing to send appropriate notice to the homeowner in a timely fashion could also affect the foreclosure process.
Homeowners may also have the option of redeeming the property or negotiating with the lender to make their loan terms more sustainable. Even a bankruptcy filing could be a means of protecting a primary residence when foreclosure is possible.
Reviewing the mortgage, payment history and letters sent by the lender can help homeowners evaluate their options for foreclosure defense when their home might be at risk. Getting support from someone familiar with the rules that govern foreclosure can help a homeowner protect the equity they have accrued in their primary residence.