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When the Bank Makes a Mistake

A lot of times, the bank fails to prove their case. Sloppy paperwork, incomplete documents, inexperienced attorney’s or bank witnesses all contribute to the bank making critical mistakes that a good defense attorney can capitalize on, which keeps the borrowers in their homes. And while this is a great strategy, I want to emphasis the importance of the other side of the coin. While the bank’s lack of evidence is an important part to any foreclosure defense, a borrower’s evidence of the bank’s wrong-doing is an even better strategy to prevent a foreclosure.

I have a particular client who fell on hard times. And like many of you, he tried to do the right thing. He reached out to his bank early on, advising them of a change in his income. His family’s medical expenses were piling up and his paycheck suddenly wasn’t stretching as far as it used to. He eventually was able to secure a modification before going into foreclosure and made payments on it for over a year. Feeling as if he averted a major crisis, he began to finally relax and focus on his family and not worry about keeping a roof over everyone’s head.

But in typical bank fashion, an error in their computer system made the loan appear as if it was not modified. The payments he was making were sufficient to pay his loan under the terms of the modification, but according to the banks computer, they were short of what he should be paying. This computer error carried forward for the next year until finally the bank decided to file a foreclosure action.

When the client came to us, he brought a copy of the modification, copies of his bank statements and cancelled checks, and other emails showing his attempts to work with the bank to fix the problem. Spoiler alert: the bank ignored our client, didn’t care about the mistake, and kept moving forward with their foreclosure. Thankfully though, because of the paperwork and evidence our client had, we were able to hold the banks feet to the fire at trial. The court ruled that a modification was entered into by both parties and that our client did not breach the contract, but rather the bank did when they decided to suddenly stop accepting payments from the borrower. I expect that this case will result is an even more favorable modification and a large amount of money to make our client whole again.

It’s important to pick the right attorney to represent you in defending against a foreclosure. But it’s also important to arm your attorney with the right tools so they can defend you on multiple fronts. If you feel the bank forced you into foreclosure because of their failure to honor the terms of an agreement, or if the bank failed to accept your money, make sure to gather up all the documents you have. The more information and evidence your attorney has to work with, the stronger argument they can make on your behalf. Feel free to contact Loan Lawyers today, and let us help you prove the bank wrong.