Wrongful foreclosure is an illegal action taken by a lender to reacquire the ownership of a mortgaged property when the borrower/mortgagor fails to meet the financial demands of the property.
In more simplified terms, it is the process of foreclosing on a property in an illegal or improper manner. Due to a large number of lawsuits in courts on the matters of how to (stop foreclosures), it has been brought to the notice of the public that not all foreclosures on properties are legal or according to books and as such, the borrower needs the services of a knowledgeable attorney to fight back for their homes.
The act of kicking someone out of his/her home is a very delicate scenario and comes with serious implications.
At the same time, a bank or home lender is in most times concerned with the purpose of generating profit and not the wellbeing of the borrower. In the case of when a client is unable to pay up as at when due, the need to foreclose on the property arises, most banks are always happy to carry out this process and along the line, they kick out homeowners in the very inappropriate manners.
The processes of stopping foreclosure on a property has many facets that have to be strictly and legally completed or else, the client can be deprived of the right to the property.
Finding the right attorney in Seattle on foreclosure matters when the problem of the wrongful foreclosure arises is key to recovering your property in time. Most homeowners in the US today believes getting back their homes that have been foreclosed on is impossible or unaffordable.
But the law maintains that if there has been any form of misconduct on the part of the lender, then there is a possibility of recovering the property. All it takes is the consent of a good real estate attorney.
INSTANCES OF WRONGFUL FORECLOSURE
Experts like Alexander Romanov who is a prolific (homebuyer in Seattle) believes that sometimes, wrongful forecloses happens as a result of neglect by the borrowers. If a proper record of events had been kept by the borrowers, they will be able to take note of anomalies before they become issues that warrant foreclosure. The job of a competent attorney is to interpret the laws in simple time to the borrower to help understand why their homes have been foreclosed on.
Before we discuss more on how the attorney can help stop foreclosure on time, it is necessary to look at some of the constituents of wrongful foreclosure. These are a scenario when the lender(s) or banks conduct themselves in illicit manners in order to illegally recover a mortgaged property from the borrower.
ROBO-SIGNING
In some selected states in the US, lenders or banks are required to submit to a sworn affidavit to a judge as proof that the borrower has defaulted in payment of the said property. It also requires the employees in the bank to carefully review the affidavit and sign that the borrower has indeed defaulted in payments.
If by any chance the employees sign the documents without certifying the true nature of events, then the foreclosure is wrong and termed illegal.
SERVICE MEMBER IMMUNITY
If a borrower has an experienced attorney on foreclosure matters, it is the duty of the attorney to make it clear to the lender that his client is an active service member, hence, the federal Service members Civil Relief Act needs to be evoked.
Say a lender forecloses the home of an active-duty member of the U.S. military on the grounds of foreclosure, the borrower in this scenario is allowed an additional 9-month postponement of the lawsuit providing him/her with ample time to stop the foreclosure on his property.
FORGERY
When lawsuits arise in states where state courts are allowed to adjudicate the matter, series of documents are required to be signed in person by both parties. The borrower will need the attorneys to ensure that these documents are signed in person and not on their behalf as the bank or lender can forge the signature in order to gain upper hands in the court proceedings.
INADEQUATE UPDATES
It has been recorded in the past that lenders or banks are known to keep homeowners in the dark even if they were doing everything right. The foreclosure might come as a shock to the borrower and as such it’s illegal. If you were not given due notice on the status of your home before the foreclosure, as a borrower, there is a lot that can do to get your home back.
EXCESSIVE INTEREST RATES
The purpose of lending out a property to a borrower is to make money and that is fairly understood, but sometimes, these lenders tend to demand way too much after the deal has been made. In most cases, the borrower is never allowed to know what will come after only to get kicked out of their homes on the basis of insufficient payments. This unlawful and excessive interest rates tagged on properties is considered illegal especially when a borrowed was not informed beforehand.
THE NEED FOR ATTORNEYS
Generally, litigations that have to do with wrongful foreclosures needs to be taken up by the best hands in the system. Sometimes, peoples’ homes are all they’ve got worked for, this means that if their homes are wrongfully taken away from them, they literally have nowhere to turn to.
If a tenant feels he or she has been cheated on the basis of wrongful foreclosure, then an attorney with a commendable track record in home disputes has to be called upon.
The lawyers in question have to be trustworthy and their experience on the subject matter have to put into perspective so as to be sure that you emerge a winner in the case.
The borrower in most cases has the fear of not being able to afford an attorney and this makes matters worse because not doing anything either will cost them their home which is far more than what they could have paid a lawyer. There is no harm in consulting the attorney in order to understand the true situation of things and hence come to a mutual agreement on how to offset your debt when the case is over.
The penalty for wrongful foreclosure has to be properly felt by the offending lender, although a good number these lenders get away with the crime. It is the duty of the borrowers to stand up for themselves in order to combat these malicious acts and this could be properly and legally done with the right attorneys at the helm of affairs.
