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If notification rules were followed regarding mortgage complaints, a mortgage lender has to answer within 20 business days. Within 60 days, the mortgage lender must ‘correct or clarify’ the problem.
→ Read MoreIf you co-sign a mortgage and are listed on the property title, you can bring a partition action to have the property divided between owners. If the property is owned by two people, then one will receive the title and the other will receive an equity interest in the property. That equity value is the market value of their percentage of ownership in the property minus any liens. If you bring a partition action, you may leave with the title and your friend will leave with a percentage interest. This will leave you free to control the mortgage payments without worrying about losing the property. A real estate legal expert in your area would be able to tell you if this is an appropriate action in your situation.
→ Read MorePredatory lending laws may give you some ammunition if you are fighting foreclosure. There is a federal predatory lending law, called HOEPA, but many states or municipalities have adopted their own laws.
→ Read MoreMortgage foreclosure is a legal process by which a mortgage holder (called a mortgagee) regains possession of your home after a default. The most common type of default is non-payment.
→ Read MoreA “Produce the Note” defense is a way of buying time when you are in foreclosure. It works better in some jurisdictions, but not in all jurisdictions.
→ Read MoreNo one is liable when the buyer’s financing of a home falls through at the last moment. Lenders are not required to lend. Since lenders have no duty or obligation to lend in the first place, they suffer no liability for taking their time about making the decision as to whether to lend. Lenders can quash or deny an application at any point up until the loan is made.
→ Read MoreOwner (seller) financing is a situation where the seller of real property agrees to loan the buyer directly a certain dollar amount of “equity” in the seller’s home as part of the ultimate sales price of the home. The problem that could arise for the buyer is that the loan in place may not be assumable. If the loan is not assumable, the transfer of title to a new owner of the property may very well trigger a due on sales clause in the mortgage where the lender refuses to accept payments from the new owner.
→ Read MoreWhile it can vary greatly from state-to-state, once the lender on a first mortgage forecloses on a property, the lender will sell the first mortgage to the highest bidder in a foreclosure auction sale. The sale proceeds will then be used to pay down any real estate taxes that are due. Once the real estate taxes have been paid, if any proceeds are left, the first loan must be paid, and then the second. If the proceeds from the auction are not enough to cover these debts, several things can happen. If the balances in the first and second loans cannot be paid off, both lenders typically have the right to sue the borrower for balances owed, plus interest and other costs.
→ Read MoreSome people who are facing a potential foreclosure engage in homesharing—renting a room in their home in order to earn income with which to pay the mortgage.
→ Read MoreOlder homeowners in foreclosure have one advantage that others do not. The Older Americans Act of 1965. The Act created the federal Administration on Aging, which in turn funds state Legal Aid offices to assist older Americans with legal issues, including foreclosure.
→ Read MoreFind the right lawyer for your legal issue.
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