You worked hard to purchase your home in Miami, Florida. And now? Now, you’re facing foreclosure. Is there something that you can do to stop it? If you’re facing foreclosure, you need to pay attention to this article. After you read it, contact an experienced foreclosure attorney in Miami, Florida to determine how you may be able to save your home. Here are some defense options that are commonly used by homeowners to stop foreclosure.
Truth in Lending Act
If you purchased your home and then later found out about finance charges that were either hidden or if they misled you. The Truth in Lending Act gives homeowners the right to seek damages. You also have the right as a homeowner to set aside the deal within a certain length of time if it is found that there was a material breach of this Act. If you feel as if you fit the criteria, make an appointment to speak with a foreclosure attorney.
Real Estate Settlement Procedures Act
RESPA is another act that was designed to protect the homeowner. It prevents mortgage lenders from charging fees that are illegal. These fees often make the home buying process more expensive and can eventually lead to foreclosure. Lenders must disclose accurate information to you about lending practices, closing costs, and their relationship with other companies that provide required services before, during, and after closing takes place. If you do not believe that your lender told you the truth about fees, closing costs, or their relationship with other service providers, you should talk to a foreclosure attorney to find out if RESPA can be used to defend your home.
Subprime Loan Traps
If you used a mortgage broker that talked you into signing a mortgage loan that offered a teaser interest rate, negative amortization, or a subprime loan, you may have been the victim of illegal actions that made many homeowners go into foreclosure. This is commonly referred to as predatory lending. Mortgage brokers used tactics to get homeowners like you to sign up for mortgages that would generate higher commissions for them…but tacked on large amounts of interest and fees. Foreclosure attorneys can look at your loan documents and help determine if you have a cause of action.
Lost Notes
In Miami, Florida, foreclosures require the lender to include a copy of your mortgage note in the complaint. If the lender of your mortgage cannot produce the note, they cannot foreclose on your home.
Talk to a Foreclosure Attorney
This article only touched the surface of possible ways that you can stop a foreclosure in Miami, Florida. However, why foreclosures are similar in nature, they are also all different. If you want to try to protect your home, make an appointment to talk with a foreclosure attorney. They can point you in the right direction!
