Just how to Deal With Foreclosure By way of a Securitization Audit?

A commonly used term with reference to home loans is'foreclosure ', that is an action done by the lender. The action in reaction to a foreclosure may be the'foreclosure defense ', which is done by the borrower. People dealing with home mortgage, are well aware of those terminologies.

A foreclosure is a legal step taken by the lender in case the borrower defaults. Once the borrower fails to produce timely monthly payments of the property loan, then a lender is legally permitted to forcibly sell the asset (home) used as collateral in the transaction to be able to recover the remaining of the loan amount.

At a Glance!

It's a step ahead of loan modification. Firstly, in case a borrower is facing economic and financial hardships, he or she can contact the lender either personally or via a legal advisor regarding loan modification, which is least effective. If loan modification is granted, the parties then consent to follow the new terms on temporary basis.

However, if the lender is not satisfied with the reasoning presented from the medial side of the borrower, she or he can get a foreclosure. Though it costs the lender more than a restructuring, but if nothing else seems desirable then it's the past resort. However, no step can be studied legally ahead of sending a foreclosure notice to the borrower.

At this point in time, the borrower also can attempt to avoid the lender from selling the home. That is called a foreclosure defense. This can only be achieved by way of a lawyer who specifically specializes in this legal service. Before anything else, the borrower has to offer a documented proof that she or he can meet a specific amount of monthly loan payments and therefore the lender must not foreclose the home.

Just how to Deal With It?

The most effective tool to protect oneself against a foreclosure could be the Securitization Audit samples. This really is useful for achieving certain objectives such as for example, decrease in the principal amount, restructuring of mortgage terms, and reduced interest rate on the prevailing mortgages.

Moreover, it can be utilized to prove that the notice of the borrower's default sent by the lender was invalid, and thus the lender can become liable to cover damages as a punishment by regulations, or be sued by the borrower. However, all this really is possible if the borrower holds a powerful position as per the securitization document of the home, for which there will come in the securitization audit by a respected auditor.

Furthermore, the borrower may use another tool called'Quiet Title'or'Equity Stabilization'which is supposed to remove the lender's invalid claims against the borrower's property. That is also done through proper jurisdiction. It will not only modify the mortgage terms, but will even enable the borrower to legally stay static in his/her home.

For this specific purpose, the borrower can hire an attorney for only a specific period of time in order that he/she is not required to pay for attorney's services over a protracted period of time. This is actually a price effective and a worthy choice to opt for.

A Popular Myth

There's a popular myth regarding foreclosure when the borrower has received a foreclosure notice from the lender, then it has already been too late to do anything. It is usually to be noted here that foreclosure is never a profitable selection for a lender; neither can it be the only method out.

A foreclosure notice from the lender does not exactly mean a foreclosure; rather it serves to impress the borrower, and makes him realize the importance of timely payments. A lender always prefers to not foreclose the home because it makes him lose much more than what a simple loan modification costs.

Through the professional services of a reliable securitization auditor a foreclosure can surely be stopped by the borrower!

Securitization Audit Pro Solutions, LLC is a full service securitization audit company specializing in providing high quality forensic Securitization Audit