You are an attorney or you currently work or have worked for a bank and know their guidelines. You already know how many documents will you need to submit to your bank for a loan modification. **Free Amerihope Alliance Legal Services Document Checklist**
You know the general foreclosure laws and procedures in your state. For example in Florida, foreclosures are judicial, which means the lender must file a lawsuit in state court. The lender starts the foreclosure by filing a complaint with the court and having it served to the borrower, along with a summons. If you lose the case your house will be sold to satisfy the debt.
You don't need a foreclosure attorney to prove that the foreclosing party doesn't own your loan. In other words you know that your loan was bundled and securitized. Which means that in a process called securitization, your loan and other loans (includes both the promissory notes and the mortgages) with similar qualities are pooled, and then sold in the secondary market, often to a trust. Basically, securitization takes individual mortgage loans, bundles them into a package, and turns them into marketable securities (called “mortgage-backed securities”) that can be bought and sold. With that being said you believe you have a defense based on the fact that the foreclosing party can't prove that it owns your loan.
You are familiar with your servicer's payment histories and know if they made an error with your account. Loan servicers are human too and hey they may have made a mistake and didn't credit payments to your account and those unreasonable and non-allowable fees, well you know all about those. So you will make your foreclosure defense based on this knowledge.
If you are in the military and you are familiar with the extensive and complex Servicemembers Civil Relief Act (SCRA). The SCRA applies to all active duty members of the armed forces, including the activated National Guard, the commissioned corps of the National Oceanic and Atmospheric Administration (NOAA), and the commissioned corps of the Public Health Service. So you already know about the 6% interest rate cap on debts and what the conditions need to be in order to qualify for the reduction on interests rates and other rights of protection afforded you.
You know what dual tracking is (pursuing a foreclosure and a loan modification at the same time) and that it's in violation of new federal and other mortgage servicing rules. The Consumer Financial Protection Bureau (CFPB) as well as various state laws and the National Mortgage Settlement (NMS) offer protection to homeowners in this situation. Effective January 10, 2014 the rule limits the ability of mortgage servicers to foreclose on a borrower while also negotiating a loan modification. You also know that you have 120 days after you have fallen behind in payments to submit a loan modification application.
You can't afford your home and were thinking of moving anyway. Hey packing and purging all your stuff can be fun right? You're also not worried about paying thousands of dollars towards a deficiency judgment when they sue you for the difference.
KNOWING WHAT YOU KNOW, WANT A FREE CONSULTATION ANYWAYS?