All about Mortgage Settlement
When you compare a mortgage settlement wit mortgage foreclosure settlement, you will notice a difference between them if a government program reduces your interest rate or principle that’s what is referred to as mortgage settlement. If you prove the bank’s fraud in a law court and your reduced payment is settled, or your reduced interest rate that’s what is referred to as mortgage foreclosure settlement. This type of mortgage settlement will need you to involve a lawyer. The lawyer is the one who will advise you on the amount you are supposed to take from ban if your principle or interest rate had been deducted by a government program.
You should hire a lawyer when it comes to mortgage settlement because such a professional know all the state laws, have the proper evidence and strategies required in a lawsuit, and also knows how to argue with a judge. If he knows who to argue with a judge, he can help you obtain a release or cancellation of your mortgage contract or note. Attorneys should be hired because they are considered as officers if the court like what happens with judges. All of them work for the bankruptcy cases, and this can be proven from their oaths of office.
Even though attorneys are officers of the court, they can also be disbarred from practicing law by the judges. Because of that reason, they do not make large arguments with the judge so that he or she may not disbar them from practicing law. More to that, if a foreclosure lawsuit has been filed within two weeks of the first hearing, evidence is not admitted in a court of law by either the plaintiff’s bank, investor, lender, or trustee attorney. Such a person cannot be under court ruling because he is considered as a witness or a lawyer.
A loan modification from a bank and also regular mortgage settlement share some similarities, especially if your service provider does not have the right lawful authority to grant you a mod. A lawyer can give a bank the right to repossess your house if you fail to repay any outstanding loan. If you are involved in a settlement case, you will find the government suing the banks if they fail to repossess your home.
A mortgage settlement can be enjoyed by those who are in foreclosure. More to that, even those who have been foreclosed and banks stole your property through wrongful foreclose can also get a mortgage settlement. If you are in such a situation you will get a mortgage settlement when you gather proper evidence that proves laws being broken by the banks. An administrative process is the one you should start with so that administrative remedies are exhausted under the four corners of the court. A securitization audit should also be obtained by those whose property has been stolen by banks through wrongful settlement. The securitization audit that you should have should state some specific state laws that were broken by the dirty banks.