subject: What To Do With Foreclosure? [print this page] Foreclosure basically refers to a situation in which a borrower fails to repay the loan or debt amount to the lender because of any financial crisis. When a lender offers a loan amount to a particular person, he/she takes a security interest before granting the loan. The borrower has to mortgage an asset like his/her property to successfully get the loan. At any time, if the borrower does not pay the monthly payment, the lender has the power to get a termination order from the court for the owner's right to property.
It is really important that you find ways to stop foreclosure since you don't want to lose that beautiful house of yours. Well, there are strategies which will help you do this and in this article, you will find a little brief about what you should do so that the proceedings of foreclosure get delayed.
A note or mortgage contract is signed by the borrower when he/she avails the loan. There are a lot of people who don't know that mortgages are full of discrepancies. This is because banks don't let them know. In fact, mortgages are sold a number of times and each time they are sold, the promissory note may or may not be used. The mortgages are sometimes also split up for sale. Since there is multiple sale or split sale, it becomes really difficult to understand who the true owner of the mortgage is.
When the bank gives you a letter of foreclosure, you can demand the promissory note from the bank. A lot of times during multiple sales, the note gets misplaced or destroyed. If the bank fails to produce the note, you can stop foreclosure. The proceedings can be postponed giving you extra time to arrange for money.
It is sometimes also difficult for people to maintain their monthly payments which lead to the denial of a traditional loan modification. In such a situation, forensic loan audit will be able to help you. In this process, all documents associated with the mortgage are evaluated and if any violations or discrepancies are found, they can be of advantage for the borrower. Forensic loan audit will help to fight against foreclosure.
