The foreclosure insiders — banks, servicers and their lawyers — thrive on the fact that most people in foreclosure know little about the foreclosure process and their rights. Here are 10 SECRETS that, if known to all, would devastate the foreclosure industry.
1 - You Have Rights.
A party in a foreclosure lawsuit in Illinois is protected by many legal rights. You may already know about some of them, yet be surprised by the extent of the legal protection, especially in the case of foreclosure. The foreclosure insiders must follow many rules. Did you know that the business of making home loans is one of the most heavily regulated in this state? For example, banks and their agents must be licensed and comply with local, state, and federal laws and regulations that are designed to protect the homeowner. Become a group legal service plan member today, and find out more about your rights from your referred attorney. Keep an eye on your email for the next secret that your bank doesn't want you to know.
2 - Banks Make Mistakes.
With so many complex laws and regulations in place, it is very easy for a bank to make a mistake at any part of the transaction; including, the making of, or foreclosing, the loan. For example, the bank might have failed to get a signature on an important document—this happens more often than you may think—or mailed incorrect paperwork. Sometimes banks fail to follow the foreclosure procedures set out in the mortgage contract, like sending required notices, or warnings before starting the foreclose process. Occasionally, banks cannot even locate the very loan documents that are indispensable to foreclose the loan. Any of these, or dozens of other mistakes, may stop banks from, or slow them down in, foreclosing a loan. Also, it may cost the banks thousands of dollars to correct their errors. The more time there is to deal with the foreclosure, the better chance to pay off the loan or renegotiate its terms. Become a group legal service plan member today, and find out from your attorney about your bank’s potential mistakes.
3 - Banks’ Lawyers Make Mistakes. Just like any of us, foreclosure lawyers make human mistakes, including missing deadlines, failing to file important paperwork, and misplacing documents. What further exacerbates their work is that bank lawyers deal with the insurmountable amount of foreclosure cases; where each has its own deadlines and tailored needs. Inevitably, lack of time and attention leads to greater and more frequent errors. Any mistakes committed in a foreclosure case may be insignificant or amount to a great violation of the homeowners’ rights. Become a group legal service plan member today and find out from your attorney about any mistakes made by bank lawyers in your case.
4. - The Bank Wants Your Money, Not Your House.
Banks are in business of making money. Unless houses are selling like hotcakes, and the foreclosing bank can quickly sell the property, no bank wants to hold on to it. Currently, however, with unprecedented number of foreclosures, combined with a slow real estate market, banks often find themselves stuck with a large inventory of foreclosed homes. To avoid this enormous expense, banks negotiate with homeowners. Keep in mind, Illinois homeowners have the right to pay off the debt, at any time, before the final sale. Become a group legal service plan member today and learn, from your attorney, about your right of redemption and ways to negotiate with the bank.
5. - The Bank’s Lawyers Do Not Want You To Fight .
Often, when a homeowner gets notified about being in foreclosure, he or she makes plans to move, starts packing and leaves their home behind. Most do not challenge the foreclosure; they do not know where, or how, to start. That is why banks often pay lawyers a small, flat fee per foreclosure case. Lawyers and small fees? Impossible! However, with no one reviewing, scrutinizing or challenging, lawyers’ work on foreclosure cases, they devote little time to each case. As a result, the lawyers’ workplace resembles a “foreclosure mill,” where quantity trumps quality. Homeowners in foreclosure need to put a stop to it! They need to challenge the foreclosure lawyers’ work, and fight for their rights. Become a group legal service plan member today, and find out from your attorney about your right in the foreclosure.
6. – Defending Your Foreclosure Will Give You Knowledge And More Opportunities. Did you know that while one foreclosure may be completed in, as little as, 60 days, another may take years? Obviously, the reasons for such time discrepancy vary from case to case. In most foreclosures, however, when the homeowner knows his or her rights, and lawfully defends the foreclosure, our courts will take the necessary time to make sure the right of all parties are protected. In fact, according to The Chicago Tribune, “Judges are happy to give [homeowners] time if they show up in court. That doesn't happen all that often: County officials figure about 80 percent of foreclosures go uncontested.” http://articles.chicagotribune.com/2008-10-20/news/0810190416_1_foreclosuresjudges-months-long-fight. To avoid the lengthy, but lawful, foreclosure challenge, the bank may offer the homeowner a refinance, or negotiate a satisfactory conclusion to the foreclosure process. Also, while the foreclosure is being reviewed in the court of law, some homeowners use the time to try to sell their home. If nothing else, a homeowner who knowledgeably participates in the foreclosure process helps the foreclosuretime to work for the homeowner, and not the bank. Become a group legal service plan member today, and find out from your attorney how the foreclosure-process time may work for you.
7. – Banks and their Attorneys are behind Foreclosure-Related Fraud.
When the foreclosure wave first began to swell, few of us could have predicted the rampant foreclosure-related fraud that came with it. The term “robo-signer,” and people like Jeffrey Stephan, Linda Green were unheard-of. Today, foreclosure-related schemes are almost a daily occurrence. In Chicago, at least one foreclosure-mill law firm was ordered to unwind over 1,700 foreclosures because of altered affidavits. Although there are entire websites devoted to tracking a foreclosure fraud, it is not enough. Become a group legal service plan member today, and have your attorney review your foreclosure documents.
8. – Do not Rush to Bankruptcy .
Are you getting letters from bankruptcy lawyers informing you that filing for bankruptcy will stop or slow the foreclosure process? Granted, in many cases, homeowners may press the Big Red Bankruptcy Button, at any time; even a few days before the foreclosure sale. Nonetheless, filing for bankruptcy is a very drastic option. Consequently, it should be considered when other options fail or are unavailable. Become a group legal service plan member today, and, before you consider filing for bankruptcy, ask your attorney about all your other options.
9. – Foreclosure Cases May be Settled .
As our previous secrets revealed, regardless of the state of the real-estate market, banks are not in the business of owning or selling foreclosed properties. Hence, before taking possession, banks often consider settling with homeowners. The settlements vary from case to case, but may include a newly negotiated term of the homeowner’s loan, extra time to get a loan elsewhere to pay-off the defaulted note, or time to sell the property. Become a group legal service plan member today, and discuss with your attorney all options available to you
10. – If you want to Defend against a Foreclosure, It is best to hire a Attorney
While it is true that one has a right to represent himself in a court of law, “He who acts as his own lawyer, has a fool for a client.” After all, you would not expect to win a contest against a professional athlete, or a professional baker (assuming you are neither). Why, then, do you think that you will prevail against a professional attorney who is representing a bank? Most homeowners in foreclosure believe that they cannot afford legal representation. But not all legal representation is unattainable. While a group legal service plan has the buying power of a large membership, it lowers the costs to individuals. After a one-time initiation fee, plan members pay only one, flat monthly membership fee. An experienced and skilled foreclosure attorney can help you navigate the rules and advise you about your foreclosure options. Indeed, the earlier in the foreclosure process one hires an attorney, the more options may be available to him. Call for a free consultation regarding the cost of a group legal service plan membership. Libra Group, LLC is a non-lawyer, for-profit marketing service for group legal service plans in Illinois. We are an independent contractor and not employees, agents or fiduciaries of any group legal service plans. The information provided herein belongs solely to Libra Group, LLC. It is not legal advice, or a substitute for it.
Disclaimer: foreclosuredefense.com is a non-lawyer, for-profit marketing service for group legal service plans in Illinois. We are an independent contractor and not employees, agents or fiduciaries of any group legal service plans. The information provided herein belongs solely to Libra Group, LLC. It is not legal advice, or a substitute for it.
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