Information about what is foreclosure
Many people think that once their house has been foreclosed upon, that is it. They don’t realize that they do have the potential ability to stop foreclosure proceedings. There are a lot of cases where houses that never should have been foreclosed on have had wrongful foreclosures brought against them, and people that never should have had to worry ended up losing their homes.
Originally, the law stated that if someone defaulted on their mortgage, ownership of the property would automatically go to the lender. Over the years, however, the law has been refined so borrowers can have time to pay off their mortgage before their property is taken away.
The dictionary defines foreclosure as the process of taking possession of a mortgaged property as result of the borrower’s failure to keep up with their mortgage payments. Essentially, if you don’t pay your mortgage, the bank that you have borrowed money from has the legal right to take possession of your property.
Thus, when you are asking, “what is foreclosure?” think of it more as a foreclosure process. That foreclosure process is the in-between time which begins with the Notice of Default or Lis Pendens and ends with the sheriff’s auction.
A lot of people have even been able to go back into their homes after being foreclosed upon thanks to evidence of wrong doing on the part of predatory lenders. Just having a securitization audit as evidence that the bank was involved in an illegal foreclosure can make the bank more willing to negotiate terms and stop foreclosure proceedings, and quite possibly give you a loan mod that will save you money in the future.
With the mortgage crisis, millions of people have been unable to keep up with the costs of their mortgage. Job loss and illness as well as exorbitant interest rates have just made it too hard for a lot of people to make their payments. Often this is because they were originally placed in a predatory loan, which left them unable to have any type of savings to help them ride out a storm.
A securitization audit will also examine your loan documents and look for issues such as robo signing. This can stop foreclosure proceedings.
These escalating foreclosures have caused the banks to look for ways to “speed the foreclosure up.” Since there have been a lot of foreclosures, many large banks have started to use a system known as robo signing in order to speed the process of foreclosure up. This robo signing is, in fact, illegal.
If a bank has started foreclosure proceedings against you, one of the ways to help stop foreclosure is to obtain a securitization audit. A securitization audit will examine your mortgage documents for irregularities. It is possible that you have a predatory loan with an interest rate much higher than it should be. By having a securitization audit, you could potentially have a mortgage adjustment where your interest rate can be lowered and you could even be reimbursed for any interest you have paid at the higher, incorrect rate. A securitization audit can save you thousands of dollars which could be the difference between your house being foreclosed upon or not.
Facing foreclosure can be a scary thing. Once you can answer that question, “what is foreclosure?” the entire process can be a lot less intimidating. But get the audits, and the place to go is Tila Solutions. Call them at 702 508 0335 or just use this: what is foreclosure?
