What is Foreclosure?
We hear the term far too often these days. Foreclosure. Foreclosure rates are
rising, millions face losing their home to foreclosure, predatory lenders engaging in
wrongful and illegal foreclosures. But just exactly what is foreclosure?
The dictionary definition of foreclosure states that foreclosure is the process of
taking possession of a mortgaged property as result of the borrowers failure to keep
up with their mortgage payments. Essentially, if you don’t pay your mortgage, the
bank that you have borrowed money from has the legal right to take possession of
your property, meaning that if someone defaulted on their mortgage, ownership of
the property would automatically go to the lender. Over the years, however, the law
has been refined so borrowers can have time to pay off their mortgage before their
property is taken away. It is this process, that in between time before the property
is taken away, that we have come to know as foreclosure.
As a result of the mortgage crisis, millions of people have been unable to keep up
with the costs of their mortgage. Since there have been a lot of foreclosures, many
large banks have started to use a system known as robo signing in order to speed
the process of foreclosure up. Robo signing is when banks sign off on foreclosure
documents without examination, and in many cases lie about who they are are. It is
mortgage fraud, essentially, and use of a robo signer could make your foreclosure
illegal.
If a bank has started foreclosure proceedings against you, one of the ways to help
stop foreclosure is to obtain a forensic loan audit. A forensic loan audit will
examine your mortgage documents for irregularities. It is possible that you have a
predatory loan with an interest rate much higher than it should be. If your house is
already in foreclosure, a securitization audit may be a good option for you. A
securitization audit will examine your loan documents and determine beyond a
shadow of a doubt if you have been the victim of predatory lending practices such as
robo signing or other state and federal violations. This can stop foreclosure
proceedings. A lot of people have even been able to go back into their homes after
being foreclosed upon thanks to evidence of wrongdoing on the part of predatory
lenders. Just having a securitization audit as evidence that the bank was involved in
an illegal foreclosure can make the bank more willing to negotiate terms and
stop foreclosure proceedings.
This is why if you need foreclosure help, you should not hesitate to contact Tila
Solutions to give you the foreclosure help you need. For over a decade, Tila
Solutions has been looking out for the homeowner with their forensic loan audits
and securitization audits. If you need help stopping foreclosure, a Tila Solutions
Consultant is available by telephone at (702) 508-0335. Or you can visit the Tila
Solutions website at what is foreclosure?