While approaching or being in foreclosure, it is important to be educated on the process and the options that exist. The law firm of Millennium Law Group PC has the right legal team to help you through the process. Foreclosure is the legal process by which a mortgage lender attempts to receive payment for a loan by claiming title to and auctioning a property that is the collateral to the loan.
In many states, the foreclosure process must go through a lawsuit. In others states, the foreclosure process can be completed outside of the courtroom. In states like Illinois where a lawsuit is required, a borrower will be named as a defendant to the lawsuit. As a defendant, the borrower has certain constitutional rights of due process, such as being made aware of the lawsuit by being personally served with the lawsuit papers and the right to present a defense to the allegations made in the lawsuit.
Many of the defenses are found in the Fair Debt and Collection Practices Act. One of these defenses is the right to an accounting of the total amount owed to bank. Another legal foreclosure defense is verifying the identity of the bank that is suing the borrower for foreclosure. In this world of Wall Street securitization, many home loans are sold and then resold onto many different banks. The selling of a mortgage loan from one bank to another is documented by an assignment of mortgage. The bank must properly account for the chain of title through these assignments of mortgage before the bank has standing to sue a borrower in a foreclosure lawsuit.
What is most important is that borrowers realize that foreclosure is a legal problem, and that there are solutions. Consult with our law firm for alternatives! The bank has a lawyer, shouldn't you?
In many states, the foreclosure process must go through a lawsuit. In others states, the foreclosure process can be completed outside of the courtroom. In states like Illinois where a lawsuit is required, a borrower will be named as a defendant to the lawsuit. As a defendant, the borrower has certain constitutional rights of due process, such as being made aware of the lawsuit by being personally served with the lawsuit papers and the right to present a defense to the allegations made in the lawsuit.
Many of the defenses are found in the Fair Debt and Collection Practices Act. One of these defenses is the right to an accounting of the total amount owed to bank. Another legal foreclosure defense is verifying the identity of the bank that is suing the borrower for foreclosure. In this world of Wall Street securitization, many home loans are sold and then resold onto many different banks. The selling of a mortgage loan from one bank to another is documented by an assignment of mortgage. The bank must properly account for the chain of title through these assignments of mortgage before the bank has standing to sue a borrower in a foreclosure lawsuit.
What is most important is that borrowers realize that foreclosure is a legal problem, and that there are solutions. Consult with our law firm for alternatives! The bank has a lawyer, shouldn't you?
