Show Me The Original Loan Contract
There has been quite a bit of talk recently about the amount of mortgage foreclosures going through the court systems. Banks and mortgage companies are doing all they can to foreclose on family homes that are in arrears. With the global credit sqeeze getting tighter by the day, the banks are trying to convince our courts to give them possession in order for them to sell the asset.
Recently, there have been instances where banks and mortgage companies have been engaged in illegal foreclosure on family homes. While the banks argue that they have a valid credit contract with these home owners, some more astute lawyers have found that many lenders simply don’t have the legal right to foreclose, because they have onsold the debt to other lenders.
If you are facing legal action with your bank and its looking likely that foreclosure action will take place, one of the vital documents you must ask your bank to produce is the original signed in ink loan contract. By law, you should have received a copy of the loan contract you signed at the time you got your loan, but if your lender cannot produce the original loan contract, the facts are, you don’t have a binding contract between the two parties.
The important thing to do from the time you realise that you will being falling behind in your mortgage payments, is to communicate with your lender in writing. Send all letters via certified postal service, and keep a folder of all your communications with your lender, and their written communications with you. It is vital that you file all communication with your lender in date order, from oldest to newest, so that you can easily locate your information.
If and when your lender tries to call you for information, be polite and let them know you have already written to them and need a written response. This will slow the process down as well. Some of the questions you need to raise with them, include your need to sight the original signed in ink loan contract. If your lender cannot produce the orginal signed in ink loan contract, the chances of them succeeding in court to foreclose on your home are slim.
Illegal foreclosures are happening everyday all around the world and its only starting to become more well known recently. You should do all you can to request a trial by jury so that you can have the jury decide what is right and what is wrong. The sooner the banks and mortgage companies decide to put people over profit and loss, the sooner we can all get on with life without the fear of loosing our homes.
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