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Written by: refionce | October 5, 2011 7:41 PM in Loans | 152 views | Tags: foreclosure , trustee sale , bank of america , chase , wachovia , ocwen , NOD , lender , loan servcicer , default , loan modification
There many ways of doing this each involves time and the know-how of getting the lender to stop your foreclosure sale date in time to do either a loan modification submission, Audit of your loan by either a securization or forensic audit or just doing a short sale. As a homeowner you do have options.... many don't realize but you do. What you don't have a lot of is time. You need to get with your lender or trustee in a timely manner and get them the proper paperwork
Wrongful Foreclosure General Information:
Courts are empowered to hear cases in “law and equity.” Some arguments that have been asserted as grounds for wrongful foreclosure (which should provide grounds for an injunction to halt a sale date – at least that is the goal anyway) are:
(1) The loan is unconscionable and unenforceable (Ex. an Option Arm loan to a non-financially savvy recipient of the loan)
(2) The borrower is exercising their legal right to rescind the agreement (ex. TILA rescission / Civ. Code 1632 rescission / Fraud in the Factum rescission, etc.)
(3) The loan servicer failed to adequately respond to a Qualified Written Request (and an bona fide issue over whether there is a default or what amount was actually owed etc.)
(4) The lender or loan servicer (agent of lender) failed to follow the foreclosure rules (ex. in regard to the notice of default / notice of sale / contact requirements under 2923.5 etc.)
(5) The default was “cured” most likely due to a modification agreement / trial plan agreement etc.
(6) Other equitable grounds
These are just a few ideas that should be looked at in every case. If you have a rescission right, you will need to explore the issue of “tender.” Keep in mind, since there are so many foreclosure lawsuits being filed in this current environment, you need to make sure you case is bona fide, and one the judge will be willing to hear. You may NOT file mortgage litigation lawsuits for the sole purpose of delaying the inevitable where no legal grounds truly exist.
Call today to get started 800-208-4753 Office ask for Derek Reyes. There is no upfront cost to stop the sale!
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We are a process center and take care of Real Estate Needs for today's challenging Real Estate Market. We offer the following services. We look forward to earning your business.
We are a process center and take care of Real Estate Needs for today's challenging Real Estate Market. We offer the following services. We look forward to earning your business.
Foreclosure delay
Eviction delay
Cash for Keys
Loan Modification
Forensic and Securization Audits
Credit Reporting Trade lines
Credit Repair
Small Business loans
Real Estate loans.
