You worked hard to purchase and customize your dream home. When unexpected circumstances occur that put your home at risk of foreclosure, you can take crucial steps to ensure that your mortgage company complies with the law. Attorney Mack combines innovative strategies with fierce determination to defend your right to keep your home. If giving up your home presents the better option, we guide you toward the most advantageous situation. Some ways we can help you include:
Attorney Mack fights banks to protect your home from wrongful foreclosure by challenging the legality of the proceedings. If necessary, we can help you file a Chapter 13 bankruptcy to stop the foreclosure action and get you some breathing room. First, you should view these two websites which are free governmental programs: http://• http://www.makinghomeaffordable.gov/programs/Pages/default.aspx which is Federal and then http://www.savethedream.ohio.gov/ which is state.
Former Ohio Attorney General Richard Cordray heads up the federal Consumer Financial Protection Board (CFPB). Starting in January 2014, new CFPB laws sets forth protections for homeowners so that both homeowners, their lawyers, or their agents can issue a “request for information” under Reg. X § 1024.36 (RFI) or a “notice of error” under Reg. X § 1024.35 (NOE) to the mortgage servicer (the company who sends out the mortgage statements). There are no fees that can be charged. The RFI requires the servicer to respond to any written request for information “with respect to the borrower’s mortgage loan.” Unlike the “qualified written requests” (QWR) under the Real Estate Sales Practices Act (RESPA), the requests are to limited to issues related to the servicing of the loan. For example, the RFI may seek information about a loan modification application, request a transaction history, or ask for a copy of the original signed loan documents. The NOE’s cover the failure of the servicer to accept payment, apply payment, make timely payments of homeowners’ insurance or real estate taxes, and other areas. The servicer must acknowledge within 5 days and respond within 30 days. Letters should be sent by certified mail, return receipt requested.
If your home would sell at fair market value significantly below the balance of your house loan or if you can no longer afford your monthly payments under your current mortgage, you may be eligible for a loan modification. Attorney Mack either negotiates with the lender or refers you to free government programs to permanently change the original loan terms for an affordable monthly payment. See More Details on modifications
During the real estate bubble, many homes were overvalued and mortgages reflected the inflated prices. Home values plunged downward and now many homeowners owe more than fair market value. Thus, these homes have no equity. With no equity in their properties, these homeowners have found themselves stuck in a cycle of debt from which they can never see themselves clear. A short sale, however, permits you to sell your home for less than the amount you owe. The bank avoids the expense and time for foreclosure and you can walk away from the oppressive debt. You should consult with a lawyer to negotiate a waiver of the deficiency balance. The waiver means that you will not owe anything further.
Much like a short sale, a deed-in-lieu of foreclosure allows you to relinquish your interest in your home for the amount of the loan by exchanging your deed for the loan cancellation. Attorney Mack aggressively negotiates with your mortgage company and carefully prepares the agreement to make sure that you do not lose your home and are still remain saddled with the loan, but instead are truly relieved of the debt. You should consult with her to understand the difference between a deed (the title), a promissory note (the obligation to pay), and a recorded mortgage so that you do not continue to be liable for real estate taxes, break-ins, assessments, and maintenance after you surrender or abandon your home.
Attorney Mack has been effective in cleaning up messes after the divorce lawyers are done and then the former spouse files bankruptcy or does not honor the order of the divorce court. She works with domestic relation lawyers to time out domestic relation cases — both before and after the divorce or dissolution is finalized.