What To Do With Your Foreclosure Lawsuit
No, throwing the lawsuit in the garbage won’t work! It may feel good to burn it or at least ignore the darn thing, but it won’t help in the long run and there are far better options. You’ll need to respond within 20 or 30 days depending on the state you’re in so get ready to fight.
If you haven’t been sued yet but aren’t making monthly payments, you’re next. Don’t be fooled if you haven’t heard from the bank – unfortunately they haven’t forgotten you!As a result of numerous deficiencies uncovered from the first round of foreclosure lawsuits, most banks have put their foreclosure proceedings on hold while hoping to improve how foreclosure lawsuits are handled. When the overhaul is complete, the next major surge of foreclosure lawsuits will follow and likely continue for several years thereafter.
Once you’re formally served with a copy of the foreclosure lawsuit, you’ll need to decide whether to have an attorney handle the case or defend your own foreclosure lawsuit. To help with that decision, we’ve outlined some of the possible foreclosure defenses that may help you buy more time or even win the foreclosure lawsuit. Other Possible Foreclosure Options
Legal Foreclosure Defenses
There are several potential foreclosure defenses that can help you dismiss the lawsuit, delay the process to get more time to implement your overall foreclosure plans and in some circumstances actually win the lawsuit and own your home free and clear of defective loan agreements.
There are six general categories of legal defenses to foreclosure lawsuits-defective service of the lawsuit papers, standing/chain of title issues pertaining to who actually owns your loan and has the right to sue, loan closing related defenses based on federal disclosure requirements, breach of contract, fraud or misrepresentation and “catch all” defenses that may help if you’re missing one or more of the key elements for other defenses.
Once you know more about foreclosure defenses and strength of your case, you’re ready to decide if should hire an attorney or defend your own foreclosure lawsuit.
Should You Hire An Attorney To defend Your Foreclosure Lawsuit?
If you can afford it, hiring a lawyer with expertise defending foreclosure lawsuits is the best way to protect your foreclosure rights. An experienced attorney will help evaluate your case, decide which defenses apply and develop a foreclosure plan tailored to your immediate needs and ultimate goals. Further, by hiring an attorney in your area you don’t need to waste time learning local rules and can work together using the Sample Documents we offer to present the strongest possible case. See Our Sample Foreclosure Letters
However, not all attorneys have experience handling foreclosure cases and many lack either the communication skills or desire to properly handle your lawsuit. As a result, it’s absolutely essential to understand how the foreclosure process works to make sure that your lawyer is doing everything possible to stop your foreclosure.
The more you understand about the timing of the foreclosure phases and mechanics of foreclosure lawsuits overall, the better your ultimate outcome will be so read through our entire site before meeting with a lawyer to discuss what they can do for you. When your lawyer knows that you understand the foreclosure process, you’ll be able to work together to facilitate the best possible outcome and won’t be taken advantage of by someone trying to do less than you’re entitled to. Understanding the Foreclosure Process
Defend Your Own Foreclosure Lawsuit
Although you may initially feel overwhelmed and unprepared to defend your own foreclosure lawsuit, it’s much easier than you think with help from our Sample Documents and detailed instructions. See Our Sample Foreclosure Lawsuit Documents. What you need to understand is that no one cares about your home as much as you do meaning what you lack in experience can be replaced with heart,determination and effort.
Many homeowners don’t have the money to hire lawyers with legal fees ranging from five-ten thousand dollars or more depending on the value of your home. If you already had the extra money for legal fees there’s a good chance you wouldn’t be in a foreclosure lawsuit in the first place! As a result there may be no option once suit has been filed but to defend your own foreclosure lawsuit while at the same time pursuing one or more different foreclosure options.
Even for homeowners and investors who can afford hire a lawyer, if you can’t find a good one you’re better off defending yourself.
Sample Documents to Defend Your Own Foreclosure Lawsuit
Once served with a foreclosure lawsuit, depending on the facts of your case and the state you’re in you’ll need to respond within 20 or 30 days. The response can be a Motion for More Time, Motion to Dismiss the Lawsuit or Answer and Affirmative Defenses to the Foreclosure Complaint.
Because each case is different and state requirements vary widely, you’ll either need to hire a lawyer or do additional research yourself at the local courthouse or law library to make sure you comply with state law. Although all of our Sample Documents were prepared by one of our licensed attorneys, they should not be used without further information or assistance regarding compliance with local laws and procedures.