4 Essential Laws You Should Know About if You’re in Foreclosure

So you’re worried about being put in foreclosure or maybe the foreclosure process has already started against you. So there are four federal laws that you need to be aware of. Number one is the Fair Debt Collection Practices Act. If the bank has harassed, you come after you for money, you really don’t know or done some other conduct that violates the Fair Debt Collection Practices Act, you may be able to sue them in federal court. In addition to that, there’s respa, the real estate settlement Procedures Act.

These are regulations that govern not only bank loan servicing but govern the foreclosure process and the loss mitigation process. If the bank violates respa, by not treating your modification the way they’re supposed to beginning the process of foreclosure to or learning or violating some other servicing regulation, you may be able to sue the bank or the loan servicer in federal court. And these are tools that may be used to help save your home. In addition, there’s a Fair Credit Reporting Act, there are regulations in place to determine how the bank is allowed to report missed and late payments on your loan to the three credit bureaus.

And if they violate the Fair Credit Reporting Act, that’s another law that you may be able to use to your advantage and sue them in federal court. In addition to that, there’s also the unfair and deceptive Trade Practices Act.

If your loan servicer or bank has done something deceptive or unfair, which violates the statute, this is yet another cause of action that you may be able to use to your advantage in defending your foreclosure case. Now, the right lawyer is going to talk to you about these four statutes and talk to you about your rights. Not only that the right lawyer is going to make sure that if any of these laws have been violated, that they’re not only going to be able to spot it, but they’re going to be able to sue in federal court or potentially state court to redress these violations. And if you don’t have a lawyer with experience in prosecuting these cases and going to trial and beating the banks and taking them to task, you’re probably not at the right law firm.

At our office, we are well versed in all four of these laws and other consumer protection laws both at the state and federal level that we may be able to use to save your home. We’ve actually recovered over $20 million dollars for mortgage servicing violations and eliminated over $100 million in debt. So if you’re a lawyer that’s not talking to you about these statutes call us Let’s talk to you about how these laws may be able to be used in your situation to save your home. Call us for your free consultation.