Is there a statue of limitations for a foreclosure if an attorney was not present for the refinancing?

About 9 years ago, we refinanced our home; the bank sent a representative to our home for the closing and I had to get a witness for the process. There was no lawyer present. We tried to modify the loan 2 years later when my husband lost his job, however they would not really help, only lowered the payment by $85. We later lost our home to foreclosure because of the housing crash, health issues and my husband having to take a job making less money. Could there be or would there have been a case because of an attorney not being present for the closing?

Asked on March 8, 2017 under Real Estate Law, South Carolina

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 3 years ago | Contributor

No, there is no law that an attorney be present for a refinancing or mortgage generally. The bank does not have to provide an attorney for their side (they are free to do this withouta lawyer); and while you certainly had the right to hire your own lawyer to be present, if you chose not to, that is not the bank's responsibilty and does not affect its right to foreclose for non-payment. Based on what you write, if you could not make the payments, foreclosure was proper.

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 3 years ago | Contributor

No, there is no law that an attorney be present for a refinancing or mortgage generally. The bank does not have to provide an attorney for their side (they are free to do this withouta lawyer); and while you certainly had the right to hire your own lawyer to be present, if you chose not to, that is not the bank's responsibilty and does not affect its right to foreclose for non-payment. Based on what you write, if you could not make the payments, foreclosure was proper.


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