Real Estate and Landlord Tenant

Foreclosure Defense

Foreclosure complaints allege that a borrower executed a note that a plaintiff now owns or has the right to enforce, that the note is secured by a mortgage on the subject property, and that the borrowers have defaulted on the loan. If successful, a plaintiff can obtain a judgment of foreclosure on the subject property that will allow the property to be sold in order to pay the amount owed on the note.

Defending a foreclosure is one of the most daunting prospects a homeowner can face. Whether it is the loss of a job, high medical bills, or other unforeseen expenses, many homeowners can expect to face the risk of a foreclosure claim against them by their lender.

With the help of the attorneys at Fanger & Davidson LLC, borrowers don’t have to roll over for their lenders. Our experienced attorneys can identify defects in lenders’ claims, bring defenses to potentially defeat foreclosure actions, and bring actions against the lender for violating a borrower’s statutory rights.

Indeed, powerful new regulations instituted by the Consumer Finance Protection Bureau (CFPB) create private rights of action against lenders and servicers if they fail to properly respond to borrowers requests for information, incorrectly apply payments, incorrectly assess fees and charges, or fail to comply with the timelines involved in loss mitigation options. Our attorneys can identify these private rights of action and bring the fight back to the lender.

Many times when a foreclosure action is brought against a borrower, a lender would much rather enter into a home retention option that benefits both the borrower and the lender. A home retention option is an alternative to foreclosing on a property that lets a borrower keep their home in exchange for a modified payment schedule to the lender. This can include a forbearance agreement, a repayment plan, or a loan modification. Fanger & Davidson LLC can help you craft your application for home retention to meet the differing requirements of lenders and investors in keeping your home, oftentimes reducing your monthly mortgage payment in the process.

Sometimes a borrower has had enough and does not want to keep their home at all. For those times, our attorneys can still assist borrowers in avoiding foreclosure. Lenders and servicers are often willing to engage in what are referred to as “loss mitigation” options such as short sales or deeds in lieu of foreclosures. We can assist you in pursuing these options and fast-tracking the process, while avoiding foreclosure on your home.

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