Foreclosure Defense Glens Falls NY Attorneys Have Some Tips For Struggling Homeowners

By Charles Brown


Major illness, divorce, and job loss can quickly get homeowners behind on their mortgage payments. Most banks are willing to work with borrowers initially because they don't really want to take back their property. If the situation is not resolved however, the lender will begin proceedings, even if they made the initial mistakes. If you have gotten into a mortgage crisis, that you believe is not of your making, foreclosure defense Glens Falls NY lawyers have some suggestions 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.

The only entity that has the right to foreclose on your house is the actual owner of the mortgage. Lenders buy and sell loans all the time, and sometimes one lender can begin foreclosure proceedings when another lender owns the paper. If you can prove this has happened in your case, the process will be halted. This mistake doesn't occur much any more, but it is something you can explore.

If you are in the military, you have special protections under the Servicemembers Civil Relief Act. Service people who took out a loan before entering active duty can't be foreclosed on without the lender going to court, no matter whether it is state law or not. There are also special considerations for active military who got home loans after going on active duty.

Your best bet is probably going after the mortgage servicer. This is the company that actually handles your account. These companies make mistakes all the time. If you believe the servicer has been inaccurate applying payments to your account, you could have a case.

If a computer operator doesn't key in your payment correctly, you might not get credit for your total payment. Sometimes payments aren't posted the same day they are received, which is a violation of the law. These mistakes can start you on the path of penalties, bad credit, and foreclosure.

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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