Foreclosure Crisis in America

If you are delinquent in mortgage loan payments to the lender, have been served with a notice of foreclosure letter or have received a mortgage foreclosure complaint, you have a very short time to respond. In many cases, a homeowner and borrower may begin to lose precious legal rights in as little as twenty (20) days. Any delay may make the situation you are in worse, and if a borrower or homeowner fails to do anything at all, the situation may become the worst case scenario possible. A Florida Foreclosure or a Foreclosure in any State which offers the lender recourse against the borrower can have serious, long lasting ramifications that you may have to deal with in the future, so it is absolutely in your best interests to participate now while it is occurring. Your decision to participate now may preserve, protect and safeguard valuable legal rights affecting your future income, credit worthiness and income tax consequences. The lenders are not always correct in the numerous avenues of legal compliance that they must abide by for each and every single real estate closing. A Florida Foreclosure, New Jersey Foreclosure and Pennsylvania Foreclosures are a judicial matter, which means that a civil action must be commenced in order to foreclose upon a delinquent loan. The lender will file a law suit against the delinquent borrower and seek to involuntarily force the sale of the borrower's home or real estate at a public auction to the highest bidder present on that day. The proceeds of the sale will be delivered to the lender to pay all remaining amounts owed on the delinquent mortgage. If there are no bids at the foreclosure sale, the lender will be permitted to take title to the property or home, at which time, the lender will attempt to sell the home or real estate on the open market to recover its mortgage debt. Beware the "Lost Note" or "Lost Mortgage" (deed of trust, security deed, etc.) Position taken by foreclosing party (lender) in securitized mortgage foreclosure cases: nothing was "lost", and to so represent to the court is a serious matter and may provide borrowers with a reason to request dismissal of the foreclosure case.

Predatory Lending is a pejorative term used to describe unfair, deceptive, or fraudulent practices of some lenders during the loan origination process. While there are no legal definitions in the United States for predatory lending, an audit report on predatory lending from the office of inspector general of the FDIC broadly defines predatory lending as "imposing unfair and abusive loan terms on borrowers." Though there are laws against many of the specific practices commonly identified as predatory, various federal agencies use the term as a catch-all term form any specific illegal activities in the loan industry. Predatory lending should not to be confused with predatory mortgage servicing (predatory servicing) which is used to describe the unfair, deceptive, or fraudulent practices of lenders and servicing agents during the loan or mortgage servicing process, post loan origination. One less contentious definition of the term is "the practice of a lender deceptively convincing borrowers to agree to unfair and abusive loan terms, or systematically violating those terms in ways that make it difficult for the borrower to defend against." Other types of lending sometimes also referred to as predatory include payday loans, credit cards or other forms of consumer debt, and overdraft loans, when the interest rates are considered unreasonably high. Although predatory lenders are most likely to target the less educated, racial minorities and the elderly, victims of predatory lending are represented across all demographics. Predatory lending typically occurs on loans backed by some kind of collateral, such as a car or house, so that if the borrower defaults on the loan, the lender can repossess or foreclose and profit by selling the repossessed or foreclosed property. Lenders may be accused of tricking a borrower into believing that an interest rate is lower than it actually is, or that the borrower's ability to pay is greater than it actually is. The lender, or others as agents of the lender, may well profit from repossession or foreclosure upon the collateral.

If you've been struggling with mortgage payments, you are not alone. In today's economy many are having a hard time making ends meet, and paying a high monthly mortgage doesn't help. Click here for Mortgage Relief Strategies. A Loan modification may help you to renegotiate your monthly payments to the bank and modify your payment structure to make it more affordable. But if you're considering renegotiating you'll need a qualified loan modification Attorney to help you through the process. Our law firm is fortunate in having a prior Freddie Mac specialist on staff to assist in the negotiation process with your lender.
Negotiation with banks can often be a haranguing and difficult process. That's why it helps to have a qualified loan modification attorney alongside you every step of the way. We've helped countless homeowners negotiate with banks and get loan modification help they need.