Homeowners can do everything right and still get behind on their mortgages. Unexpected things happen, like divorce, illness, and job loss, that put their homes in jeopardy. Most mortgage lenders don't want non-performing assets on their books. They will start foreclosing on delinquent mortgages though, even if the delinquency is through their own error. If you find yourself facing the loss of your home, a foreclosure defense Glens Falls NY attorney has good advice for you.
The laws for foreclosing on real property vary from state to state, but whatever the state, the financial entity involved must follow the laws exactly. Sometimes this doesn't happen and the homeowner can challenge the proceedings. If the error is fundamental to the case, the court may order the party foreclosing to start over. Judges aren't interested in minor errors, like misspelled names, that don't change the merits of the case.
It is common practice for lenders to buy and sell loans. There was a time when it was an easy thing to question which entity actually held a borrower's paper and could foreclose. With today's technology, this is less likely to happen, but it occasionally occurs. If you suspect something like this has happened to you, pursuing it may require the services of a good lawyer, but it might be worth it.
Active military service people are given special consideration under the Servicemembers Civil Relief Act. If you got your loan before you entered active duty, the mortgage lender is required to go through the court to foreclose, whether or not it is a state requirement. For those who got their mortgages after entering active duty, there are certain protections as well.
The most common mistakes seem to be on the part of the mortgage servicer. This is the entity that personally handles your account. If you believe you have been treated unfairly, the mortgage service company is the best place to start looking. They may have applied your payments incorrectly.
If an employee keys a payment into the computer incorrectly, you might not get credit for your entire payment. Sometimes employees don't post payments on the same day they are received. When these errors happen, penalties, incorrect reports to credit agencies, and foreclosures can result.
Dual tracking used to be a common practice, but now there are laws that restrict, and in some states, prohibit it. Some mortgage servicers still engage in this. Dual tracking occurs when a homeowner is trying to get a home loan modified and, while it is still going through the system, the servicer continues the foreclosure process. Failing to disburse escrow funds, like taxes and insurance, is another common error.
Owning a home is something that many people dream about. Most of them don't consider the consequences of a sudden loss of income and how it will affect their mortgage. Even fewer of them fail to consider that lenders might make serious errors that could result in the loss of their property.
The laws for foreclosing on real property vary from state to state, but whatever the state, the financial entity involved must follow the laws exactly. Sometimes this doesn't happen and the homeowner can challenge the proceedings. If the error is fundamental to the case, the court may order the party foreclosing to start over. Judges aren't interested in minor errors, like misspelled names, that don't change the merits of the case.
It is common practice for lenders to buy and sell loans. There was a time when it was an easy thing to question which entity actually held a borrower's paper and could foreclose. With today's technology, this is less likely to happen, but it occasionally occurs. If you suspect something like this has happened to you, pursuing it may require the services of a good lawyer, but it might be worth it.
Active military service people are given special consideration under the Servicemembers Civil Relief Act. If you got your loan before you entered active duty, the mortgage lender is required to go through the court to foreclose, whether or not it is a state requirement. For those who got their mortgages after entering active duty, there are certain protections as well.
The most common mistakes seem to be on the part of the mortgage servicer. This is the entity that personally handles your account. If you believe you have been treated unfairly, the mortgage service company is the best place to start looking. They may have applied your payments incorrectly.
If an employee keys a payment into the computer incorrectly, you might not get credit for your entire payment. Sometimes employees don't post payments on the same day they are received. When these errors happen, penalties, incorrect reports to credit agencies, and foreclosures can result.
Dual tracking used to be a common practice, but now there are laws that restrict, and in some states, prohibit it. Some mortgage servicers still engage in this. Dual tracking occurs when a homeowner is trying to get a home loan modified and, while it is still going through the system, the servicer continues the foreclosure process. Failing to disburse escrow funds, like taxes and insurance, is another common error.
Owning a home is something that many people dream about. Most of them don't consider the consequences of a sudden loss of income and how it will affect their mortgage. Even fewer of them fail to consider that lenders might make serious errors that could result in the loss of their property.
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