Mortgage Loan Compliance | Foreclosure Defense – Bankruptcy and Lawsuits

As foreclosures continue many homeowners are seeking advice anywhere. Short Sells, Loan Modifications, Walk Away, and self-defense classes. One foreclosure defense move that seems to keep growing in popularity on the “net” is the “produce the note” strategy. While it can be effective in staling foreclosure the “Free and Clear” aspect should be removed from the equation. At best most foreclosure defense strategies only give you more time to pursue other options.

Depending on the state you live in, advisory proceedings, and/or suing your lender may give you the best results - the most time and the possibility of winning your case.

Almost all mortgages from the year 2003 until now were repackaged as mortgage backed securities (MBS’s) and sold to Wall Street investors, where they are traded to other investors. As the loan is broken up and shuffled around, chances are documents, such as the mortgage and promissory note you signed, got lost, misplaced, or warehoused in a location that’s not easily accessible.

With a Forensic Mortgage Audit you can bring your case inside the judicial system by filing your own bankruptcy or a lawsuit against the lender for various violations of Federal and State predatory lending laws. In the course of the legal proceedings, you can absolutely demand that the lender “produce the note.”

Although you can save money and file a Chapter 13 Bankruptcy on your own, suing your lender is a complicated area of law so it is always best to hire an Attorney and have merit to your case.

The strategy you chose will vary depending on whether your home is in foreclosure and if you live in a judicial or non-judicial:

• In Judicial states the lender must file a lawsuit against you to obtain permission to proceed
with the foreclosure sale.

• In Non-Judicial states you receive a notice of default or breach from the lender prior to the foreclosure sale and the process occurs outside of the judicial system.

If you believe you were a victim of predatory lending or mortgage fraud, get a Forensic Mortgage Audit and talk with an Attorney about the possible legal defenses that apply to your case.

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Mortgage Loan Compliance® The Forensic Loan Audit Company

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