Are you one of the thousands of Illinois homeowners falling farther and farther behind on your mortgage payments? It might seem like there is little hope, but there is. Foreclosure doesn’t have to be your only recourse. Working with a Glen Ellyn home loan modification lawyer can help ensure that you’re able to keep your home. What strategies might such an attorney employ in your defense?
Truth In Lending Act
One of the strongest safeguards you have is the Truth In Lending Act, or TILA. This act can provide powerful defense for you if you’re facing foreclosure, particularly if the lender wasn’t as forthcoming with you as they should have been at the outset. A Glen Ellyn home loan modification lawyer can help determine if there any unjust lending practices on the part of your lender might have led to your current situation, such as:
- Failure to provide adequate information
- Deception on the part of your lender
- Acting unfairly toward you in any way during the lending process
Errors in Reporting and Recording Mortgage Payments
Another way that a Glen Ellyn home loan modification lawyer can help is by determining if your lender failed to report or record mortgage payments correctly, by US law. If this is the case, the foreclosure you’re facing can be stopped immediately.
The Mortgage Ownership Is Unclear
There is a chance that your attorney can stop the foreclosure you’re facing if ownership of the mortgage is not clear. It is common practice for mortgages and other debts to be bought and sold multiple times, and the bank that you’re paying now might not be the originator of the debt. If ownership of the mortgage cannot be proven, then the foreclosure cannot procedure, as only the sole owner of the mortgage can foreclosure on a borrower.
These are just a few of the ways that a home loan modification lawyer can help. At Covert and Covert, LLP, we have decades of experience working with homeowners just like you to find a solution to your challenge that helps you get back on your feet financially, while ensuring that you’re able to stay within your home. If you’re facing foreclosure and feel that there is no way to stop it, we invite you to contact us today for a free evaluation to discuss your situation and your needs.