Real Estate Litigation Arguments which may Help You Save Your Property

Posted on Mar 31, 2017 in Real Estate Litigation

Real Estate Litigation Arguments which may Help You Save Your Property

 

Losing your home due to foreclosure can definitely be a lot of pain; not only did you work so hard for it, but also this foreclosure could be due to an error that someone else committed. Proving that the mistake is not your fault can be pretty hard, though, as real estate laws can be too complicated, especially for a homeowner who does not have any background in real estate law. One thing you should know, however, is that, despite missing payments on mortgage, the law offers various means for you to retain your property. This means that no bank or creditor can simply foreclose on it.

Various studies and litigations reveal how majority of the foreclosures made during the height of the U.S. housing crisis were not even due to homeowners defaulting in their loan obligations; rather, these were results of errors committed by banks or due to practices, which greatly favor banks and other creditors, that are now considered illegal. But while banks and creditors will deny any wrongdoing, one fact is real – that wrongful foreclosures are real, besides being widespread too.

From 2009 to 2010, about 1.2 million homeowners lost their properties after these were foreclosed by 11 major financing institutions. The move, though, was discovered to be illegal as many of the homeowners had properties that were protected by federal laws, many of the homeowners had acquired bank approval either for the restructuring of their payment scheme or for a temporary delay in the payment of their mortgage, or so many of them were not even late in their mortgage payment.

There are different ways through which fraud may be committed during a foreclosure process, such as: unscrupulous lenders, botched documents, predatory foreclosure mediators and, the most common cases of wrongful foreclosure – forged signatures, altered documents and fraudulent eviction of homeowners by lenders, lawyers or consultants.

Fighting for your property can be done through a civil action called wrongful foreclosure – a legal pursuit based on claims of foreclosure fraud. This real estate litigation can help homeowners retain their property by putting the blame on creditors instead, accusing them of: failing to provide homeowners with appropriate notices; overcharging homeowners for late payment fees;and lender bad faith.

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