Fighting Foreclosure - development the Lender Sweat

Court - Fighting Foreclosure - development the Lender Sweat

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Many Long Island houses as well as homes throughout the country are in danger of foreclosure. Many lenders still refuse to think methods to help the distressed borrower, along with loan modification. When all else fails, the borrower may still have one or two aces in the hole.

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Court

In a foreclosure action, the enterprise starting the foreclosure action must legally have the right to well foreclose on the property. One only has to listen to the news and comprehend that a mortgage is typically, sold, resold, securitized and repackaged. Many times this is a sloppy course and the documentation is difficult and often impossible to find. A borrower in distress can defend a foreclosure action by manufacture the plaintiff prove they are the property entity to do so. This can delay or even stop the foreclosure procedure.

A second method is to force the plaintiff to produce the former note. Let me justify what this is. When a borrower takes out a mortgage, at the conclusion there is regularly a mountain of paper to sign. The two most foremost documents are the mortgage and note. The mortgage is recorded in the county clerk's office and puts everybody on notice that there is a lien on the Long Island house or any other real property in the country. The mortgage will also include all the terms and conditions of the loan. The mortgage note is a separate document. This is the document that the borrower is legally obligated to pay the lender under the terms of the note. The note will include the amount, years and interest rate. The note is not recorded. The former is kept by the lender. Without a signed note, the lender cannot prove that the borrower has a legal obligation to pay. As part of a foreclosure proceeding, the lender must produce the former note, if the borrower requests it.

As discussed above, when mortgages are sold, resold and repackaged, the former note may very well be lost in the shuffle. Some courts have allowed the lender to produce an electronic copy, others insist on the former note. In either case, this can stop a foreclosure as the lender scrambles to find the documentation.

In theory, if the note is not produced or the plaintiff cannot find the documentation that shows it is entitled to start the foreclosure proceeding, a borrower can stay in the home indefinitely without paying the mortgage. However, this tactic can force the plaintiff to enter into a loan modification business agreement instead lasting a foreclosure action that may take a long time complete, if at all. This is the goal a borrower should be trying to achieve. The news is full of predatory lending practices and borrowers who signed who took out loans they did not understand. Now there is a way to fight back and force the lender to modify the loan.

It should be emphasized that a experienced lawyer should be consulted. An attorney can better discuss the practices regarding Long Island houses or any jurisdiction in the country. The message is that if a foreclosure action is started, do not put your head in the sand or give up. A properly defended foreclosure action can not only save a borrower thousands of dollars a year, but save the home as well.

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