Are You Facing Foreclosure Due to Lender Errors?

 Posted on October 18, 2022 in Foreclosure

Buying your home is probably one of the biggest investments you have made. As life would have it, things happen, and you have fallen behind on your mortgage payments. You may be in default or foreclosure proceedings are underway. You should seek out help to protect your home and your credit.

Foreclosure Spike

The foreclosure process often starts when you receive a default notice from the lender after missing three mortgage payments in a row. In just the last quarter, lenders have started the foreclosure process on 67,249 properties across the United States. That is a 167 percent jump from a year ago. A foreclosure can trigger a lower credit score and make it harder for you to get financing in the future.

For many of us, being able to buy our own home came with hard work and sacrifice. That is why there are federal regulations in place to help homeowners keep their homes. It can be a very complex process. Here are the three key phases of the process: 

• Pre-foreclosure – warning period after you fail to make payments thereby breaching your mortgage terms

• Foreclosure – a court case is filed

• Post-foreclosure – the property is sold at auction 

Do not give up. The worst thing you can do is ignore the notices in the mail. Stay on top of the paperwork and deadlines, and document any phone calls. You have every right to protect your home and we can help.

Success Stories

We fight to protect our client’s rights and have thousands of success stories. For example, in one case, we proved that the lender denied our client a loan modification and filed a counterclaim against the lender. In another case, our client’s home was set aside for auction. We worked relentlessly and reopened the case on a technicality and successfully recovered her house. 

If you become delinquent by 120 days or more, your lender can go to court and file a foreclosure lawsuit. There are various ways we can delay the process to give you more time to solve the issue or stop the foreclosure. We will examine your financial situation and the terms of your loan. There are defenses relating to the Truth in Lending Act (TILA) and predatory lending tactics, among others. We are familiar with foreclosure defense strategies, and we will explore various options to protect the home you worked so hard to own.

Contact a Lake County Foreclosure Attorney  

We are empathic to your financial struggles and are here to help if foreclosure proceedings on your property have begun. Call 847-549-0000 for a free consultation. At Newland & Newland, LLP a Waukegan foreclosure lawyer will discuss your options and how to best resolve your problem.

Sources:

https://www.ilga.gov/legislation/ilcs/ilcs4.asp?ActID=2017&ChapterID=56&SeqStart=107100000&SeqEnd=115800000 

https://vermontbiz.com/news/2022/october/13/us-foreclosure-starts-increase-167-percent-year-ago-vermont-lowest-rate-nation