foreclosure noticeSometimes innocent people end up in prison. Sometimes doctors misdiagnose a patient‘s illness. And sometimes, homeowners are victims of a wrongful foreclosure. There have been many foreclosure horror stories reported throughout the U.S. Recounts of homeowners who owned their property coming home to an empty, damaged house. Or a terrified homeowner frantically trying to hold their front door shut only to find out the assailant trying to get in is a misinformed lending contractor. As a homeowner, it’s important to know if your home is being wrongfully foreclosed, and what you can do to fight if it is.

A wrongful foreclosure is when a lender forecloses on a homeowner and illegally sells their house. If a lender is practicing unscrupulous behavior, uninformed homeowners would be none the wiser. For example, some lenders claim they’ll grant a loan modification, but will make their modified rate still excessively high. The New York Times reports that there are lenders who’ve incorrectly informed borrowers that they need to be delinquent on payments to qualify for new loan terms which tacks on late fees and can ultimately lead to losing the loan. There are even lenders who have charged unreasonable loan fees and misapplied mortgage payments.

Additionally, a lender can adjust the loan interest amount incorrectly inevitably making it difficult for borrowers to catch up on payments. There have even been reports of lenders accepting partial payment while still continuing the foreclosure procedures, which is highly illegal. Or worse, continuing to take mortgage payments after the homeowner has filed for bankruptcy. Still trust a lending business could do no wrong?

If you think you could be a victim of wrongful foreclosure, trust your gut and investigate. If you blindly trust your lender, you could be asking for trouble later. If you aren’t offered the opportunity to prevent foreclosure or are receiving statements that aren’t adding up, act immediately! Burying your head in the sand when dealing with real estate matters is one of the biggest mistakes you could make! Contact a foreclosure attorney to see if you have the grounds to file a wrongful foreclosure suit.

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This is filed under Foreclosures.

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