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A home is more than a place we go to feel safe at night and get some rest for the next day of work. It is a place where we raise our families and create memories that last a life time. For the most part, a home is the single most important monetary investment a person can make. At the Law Offices of Stephen A. King we know how devastating it can be to be faced with the possibility of losing your home. Our goal is to obtain a permanent solution to your situation which we plan on accomplishing by becoming educated and knowledgeable about your home loan. Just think, you could be the victim of predatory lending practices and not even know it. Our research and findings over the eighteen months has confirmed that most loan modifications are designed to take advantage of distressed homeowners and prey on those who are desperate to save their homes. In fact, a huge majority of loan modification programs only offer a temporary solution and do nothing to prevent the banks from foreclosing on your home. What allows the bank to continue to foreclose even during a modification: Default servicing usually begins when a homeowner falls behind on their mortgage payments somewhere around 60 days and the homeowner seeks a way to “work it out” with the lender or servicer. Default servicing can also occur when a homeowner is not delinquent or in default of their loan obligations, but voluntarily enters into a temporary loan modification, believing that they can receive a lower payment, interest rate, or principal reduction on a permanent basis. Either way, the result is default servicing which means your servicer or lender can and usually will continue the foreclosure process while collecting payments from you. This practice has misled us all into thinking the foreclosure rates have slowed down but quite to the contrary, the usual result is the homeowner loses and the servicer or lender wins. What process can be followed to stop the bank from foreclosing on my home: To obtain a permanent solution the Law Offices of Stephen A. King will attack your loan in three important ways. First, we attack the loan origination process; secondly, the servicing of the loan; and thirdly, the loan termination process or foreclosure. To get started, we conduct a forensic loan audit which allows us to find out what may have been done wrong when the loan was originated. In addition to this, we analyze how the loan was serviced prior to any default. The last thing we do is “trust” that the lender or servicer operates openly and fairly. In fact, we believe the opposite is true; that it is the goal of the lender and/or servicer is to complicate the paper trail and get the homeowner lost in the shuffle. We are not thrown off by this and have computer systems which check for the accuracy of our findings. We next uncover hidden charges and fees which have been attributed to your mortgage account without notification or justification. Our research has found that various state and federal laws regulate late fees, junk fees, overcharges and misapplication of payments often attributed to a mortgage account when a late payment is received or a default is declared by the lender/servicer. Through a thorough examination of your loan documents we are usually able to find actionable causes of actions to pursue in state or federal court. The forensic loan audit allows us to get familiar with your loan and provides us the ammunition we need for the filing of a lawsuit against your lender which could be the answer to all of your prayers. . I am in default, what are my choices: If you are in default on your mortgage, you essentially have five choices: 1. Pay the deficiency amount and bring the loan current. 2. Try to get approved for a loan modification which is not permanent and may require you to sign away certain legal rights necessary for you to pursue a lawsuit against your lender if you ever decide to do so. 3. Become foreclosed upon. 4. Restructure your loan in bankruptcy court if you qualify. 5. Fight against the banks for violations of lending practices and predatory lending. Begin the process of saving your home now and join us in the fight to save homeowners one home at a time. Call us at (310) 598-6703 to learn more about the options you have to save your home!! |
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