Many people assume that if a lender starts foreclosure proceedings the defendant most likely owes the money and has no real defense in the case. However in the better part of the last decade shady sub-prime mortgage contracts have been multiplying to record numbers. Many of these high interest mortgages were created and approved by fudging income numbers and hiding abusive fee’s within the mortgage contract. Fortunately for many homeowners in a foreclosure crisis these direct violations to the law can come back to haunt the banks that created the mortgage contract. By having a forensic document audit performed on a mortgage contract homeowners can sift out any violations found in their mortgage contract and use these as great leverage when both negotiating and defending a foreclosure. It’s important for any homeowner facing or in foreclosure to hire attorneys to defend their interests, the reason being is that a foreclosure is a lawsuit filed against consumers for non-payment of their mortgage. The lender hires attorneys to pursue their case against you, so hiring an attorney to represent you will significantly level the playing field.
Any violation discovered during the audit process can significantly bolster your defense in the foreclosure proceedings. The banks will be much more willing to negotiate a deal in your favor after your attorney advises them of the violations to the law found within your mortgage contract. It is estimated that over 80% of sub-prime mortgages created after 2001 have violated the law. Your attorney will then use this information as leverage in defending your case and negotiating a proper settlement. In some cases the mortgage note violated so many laws to such an extent that the lender may actually owe the borrower money by the end of the negotiations. It is advised that anyone who suspects they may have been a victim of predatory lending or mortgage fraud to immediately commence a document audit on their mortgage contract. It can mean the difference between keeping your home or not. A document audit is the first step in foreclosure defense and its result determines what direction the firm needs to go next in the defense process.
As you can see a foreclosure defense is not so one-sided and straight forward as most people assume. Simply because the bank alleges you owe them (X) amount of dollars certainly does not mean they are entitled to the entire amount or any of it in some cases. In the United States you have rights and if your rights were compromised during the creation of your mortgage contract you are entitled to seek damages whether it be: negotiation of reduced payments, principal reduction, forgiven debt, or many other solutions depending on your unique situation. Smith & Gromann, P.A. / CreditLawGroup can help distressed homeowners preserve their rights and lead an aggressive foreclosure defense. Call us today at (800)-283-8421 to speak with a credit analyst who can help diagnose your current situation and direct you to the appropriate department that will work with you to seek a positive resolution in your unique case. We have been in the business for over 20 years and our unparalleled knowledge of the industry and legal logistics make us a prime candidate to defend your foreclosure and Subsequently the banks worst nightmare.
Article Source: http://www.articlesbase.com/mortgage-articles/foreclosure-defense-document-audits-711143.html
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The CreditLawGroup.com website of Smith & Gromann, P.A. is a multistate law firm whose practice is limited to federal consumer and banking law under which the credit reporting system operates. The firm provides cost efficient legal representation in disputing inaccurate, incorrect or unverifiable information contained on credit reports from the three major credit bureaus, Equifax®, Experian® and TransUnion® and their affiliates. The firm also provides legal representation to victims of identity theft. Visit http://www.creditlawgroup.com for more information.