Foreclosure Defense in Knik-Fairview, AK
Foreclosures seem to be straightforward at first glance. If Knik-Fairview residents don’t pay their mortgages, they lose their homes. However, the surrounding issues may have more complexities than a surface reading uncovers.
For instance, KTOO reports that banks have given incentives to foreclose in the past. Furthermore, they encouraged employees to lie to customers and force them to make bad decisions.
If you have a foreclosure pending, the time to speak to an attorney was weeks ago. Catch up with what one can do for you by reading this article and asking for a consultation.
What Is Foreclosure?
The foreclosure process starts with a Knik-Fairview, AK homeowner failing to make a mortgage payment. According to U.S. Code, homeowners in Knik-Fairview have 120 days to catch up from that date. If they cannot pay the arrears for their account, the lender can start foreclosing. When this step happens, they sell the real estate to recover as much of their losses as possible.
Foreclosure By Power of Sale
Power of sale is a clause that might exist in your deed or mortgage contract. Some states do not allow this type of foreclosure. However, Alaska Statutes allow lenders to include it in an agreement to purchase real estate.
Foreclosure By Judicial Sale
Foreclosure by judicial sale is the sale of a mortgaged property under the management of the court. The procedures include satisfying the mortgage, lien holders, and the lender. The financial institution that petitions for it must ensure that whoever buys the foreclosed real estate has legal ownership of the title.
Types of Foreclosure Defenses
If foreclosure proceedings have already started, it is in your best interest to do everything you can to stop it. The following sections address legal defenses your attorney in Knik-Fairview could recommend.
The Bank Didn’t Follow State Procedures
Foreclosures in Knik-Fairview, Alaska can be complicated, time-consuming, and prone to errors. Consequently, if the bank did not follow the proper procedure, you can have a robust argument in court.
The Mortgage Servicer Made Mistakes
There are times when a mortgage company can make mistakes with their accounts. A few of the errors that may apply to your situation are:
- Dual tracking
- Attributing mortgage payments to the wrong loan
- Exaggerating how much you owe for monthly payments
- Assigning fees that were not in the original contract
If your mortgage service made one of these mistakes, an attorney in Knik-Fairview, AK can help. They can take legal actions to stop foreclosure and this is one of the best ways to save your home.
You’re on Active Duty
Special protections are available to active duty military through the Servicemembers Civil Relief Act (SCRA). This federal legislation stops lenders in Knik-Fairview from foreclosing without going through the courts. A lawyer can lean on this law to provide a compelling defense and help you keep your home.
Did you receive approval for the mortgage while on active duty? Then this legal protection applies to you. The only exception is if you signed a waiver.
The Foreclosing Party Lacks “Standing”
The foreclosing party is the owner of the loan. If the lender does not have proof that they approved it, they can lack legal standing. Therefore, they cannot foreclose on the property.
This situation happens more than you may think. Banks tend to bundle loans together and sell them to other institutions. This constant trading can make it hard to understand who owns the loan.
The Statute of Limitations Has Passed
While it may sound impossible, some mortgage lenders will allow things to slip. For example, they could allow the statute of limitations on foreclosure to pass without taking action.
Technically, lenders have up to ten years to foreclose on a delinquent mortgage in Knik-Fairview. But other realities can change these circumstances. For example, submitting a payment that does not cover the arrears can reset the clock.
Additional Foreclosure Defenses
Some of the foreclosure defense options that are less common are:
- You already have a loan modification.
- You did not receive a breach of contract letter
- You have reason to believe your lender violated federal regulations, especially on a USDA, FHA, or VA loan.
Preparing for the Foreclosure Defense Process
There are no guarantees that your attorney in Knik-Fairview, Alaska will win the case. But you have a much better chance with one than without one. Every foreclosure case is unique, has challenges, and requires a thorough understanding of the law. Your lawyer knows how to navigate these complications and may find loopholes that work to your advantage.
It is even more vital to have an attorney when it is mandatory for foreclosure to go through the courts. You can have even more options to file a lawsuit in states that allow them to start outside the judiciary. Typically, this litigation from Knik-Fairview can go through one of the courts located in Anchorage. Regardless of whether you can stop the foreclosure for good, you can at least buy some time by having a lawyer.
Work With an Experienced Foreclosure Defense Lawyer in Knik-Fairview, Alaska
Even if you feel you don’t have a viable case, an attorney may find solid grounds for fighting the foreclosure. Consulting with an Knik-Fairview, AK attorney is an objective way to find out if your case is worth going to court. Most first-time consultations with a lawyer are free, which means there’s no risk involved.
Take the first big steps toward fighting to keep your home. You can also delay the process for as long as possible until you find a new one. We can even help you connect with an attorney across Alaska state lines.
Submit a request online or call us today at (866) 345-6784 to get in touch with an experienced lawyer in your area!
