Mortgage Loan Compliance | Bankruptcy Options You May Not Know You Had

A bankruptcy can immediately stop any action against your home, but it can be more than just a lifeline. Bankruptcy (federal) Court also allows you to challenge standing or sue the lender for violating your rights as well. The following are some of the typical types of cases that may get filed in a Bankruptcy Adversary Proceeding. These are just a few grounds to consider when filing bankruptcy:

(1) Rescind your Loan under Truth in Lending Law (TILA). Ex. you rescind your loan prior to filing bankruptcy, and then list property as unsecured on your schedules and then filing the adversary proceeding.

(2) Fair Credit reporting Act (FCRA) credit reporting violations;

(3) Violations of Fair Debt Collections Practices Act (FDCPA);

(4) Violations of State Unfair and Deceptive Business Practices Statute (Like pre-filing mortgage rescue scams);

(5) Pursuing violations stemming from filing false and fraudulent proof of claim (ex. creditor has no proof of secured status yet asserts they are a secured creditor using false affidavits);

(6) Filing lawsuit for violation of RESPA (ex. QWR violations seeking attorney fees and actual damages, or damages for unauthorized fees charged);

(7) Lawsuit challenging the extent, validity, or priority of alleged liens (proving your “creditor” is not a legitimate creditor, or is not secured creditor).

In many cases, you may have grounds to assert legal challenges that could either lead to settlement, or to an award of actual damages, costs, attorney fees, and other damages. Please keep in mind you mortgage is a legally binding contract. You should always consult a Attorney when dealing with legal matters.

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