This is a question I get a lot from potential clients, average homeowners and especially opposing counsel. Why should you care? You took out a mortgage and you are either paying it and everything is fine, or you are not and are in some stage of default. But you received the loan, live in the house and it is your responsibility to pay the mortgage. Correct? Yes and no.
There are plenty of sites out there with people trying to pitch the idea that somehow the fact you are in default is not your fault. It is the bank’s fault or Bush’s fault or Obama’s fault or the government’s fault or any other person or entity they can blame to make you feel warm and fuzzy about your current situation. All the while they are over-promising and under-delivering on claims of getting your home free and clear.
The facts are this: Lenders are required to abide by numerous laws in writing and issuing loans to borrowers. If the borrowers default on those loans, the lenders are again bound by numerous laws regarding their ability to foreclose on those properties. If the lenders did everything properly, then they can proceed as provided by law. If not, then they are not able to proceed. The problem is, the lenders, or more likely, entities only tacitly involved in the original loan transaction are proceeding with foreclosures regardless of whether or not any procedure has been properly followed. And this is the reason you should care.
If you took out a loan to buy your home, you owe money to someone. The chances are, however, that you do not owe money to the company making the calls all day, or, proceeding with foreclosure actions on your home. And this is the key point that most seem to be missing. It isn’t about robo-signers or predatory lending.
While those, and many other factors may be important in any potential litigation, the crux of any argument is whether or not the party foreclosing on your home actually has the right to do so. If not, then you may be in a very favorable position. But you will never know unless you raise the question.
Our affiliated attorneys can help you determine whether or not your foreclosure is being handled properly and what can be done to protect yourself if it isn’t.