MORTGAGE FORECLOSURE DEFENSE
In Maryland and the District of Columbia, the term “mortgage foreclosure defense” covers a wide range of actions that a homeowner may take to stop or slow down a foreclosure action. Although it is not appropriate in every case, foreclosure defense is sometimes preferable to Chapter 7 or Chapter 13 bankruptcy. Foreclosure defense can buy you time to bring your loan current, sell your home, or make other plans. In many cases, foreclosure defense can lead to a mortgage modification, cash settlement, or both.
Depending on then circumstances, there are a variety of defenses used by the homeowner to address a wrongful foreclosure. Foreclosure defense includes raising legal defenses in answer to a foreclosure action, negotiations with the bank, and more aggressive actions, such as suing the bank. Homeowners may raise any legitimate defense to compel the lender to prove that it has a right to foreclose on their home. Mortgage defense is about using those defenses to force banks to follow the rules and live up to their end of the bargain.
For the Banks, it is about the money and, not necessarily, the procedure. It is not at all unusual for lenders to foreclose on homeowners prematurely, in error, or without following the proper procedures. Many bank errors are not just technical mistakes but serious violations of the homeowner’s legal rights. In fact, such errors are present in a large percentage of cases. Therefore, homeowners should never just assume that they have no defense to a foreclosure action.
Homeowners should consider all options involved when it comes to foreclosures. These options include Bankruptcy and Litigation. Certain situations are better suited for a variety of approaches. Depending on your individual circumstances, relief may be available to you to help you keep your home. If you have received a “Notice of Intent to Foreclose” letter please CONTACT US immediately for an evaluation of your situation and to discuss your options.