Educated Consumer Can Save her Home

Posted by kevin on September 6, 2011 under Foreclosure Blog | Comments are off for this article

If you have been checking into this blog with any frequency, you know that we are providing both facts and comments on what is happening in foreclosure defense, especially in New Jersey.  We are giving you cutting edge information- what the law is and where it is going; what settlement strategies are bearing fruit; how the trial courts are reacting to issues and how the appellate courts are reacting to the trial courts.

Sometimes, we admit the pieces get a little esoteric.  The reason we do this  is because we know that people who were raked  over the coals in  the mortgage process are thirsty for information that may help them stay in their homes.  So, we try to give it to you straight so you know what you are up against, you know the defenses, you know the amount of work it will take, and you know what strategies are working in settlement.

Not all mortgages are the same and not all borrowers are the same.  Some borrowers have demographic characteristics (race, ethnic background, education level, language issues) that point toward predatory lending.  Others do not.  Some borrowers, who are in outrageous negative amortization loans will have more defenses than an upper middle class refinacer who has a fixed rate loan at 6%.  Some borrowers can only rely on  lenders’  tendency not to adhere to procedural rules such as standing and compliance with the Fair Foreclosure Act. Some borrowers have money to make a deal.  Others are out of work.

What we are trying to do is educate borrowers as to what the law is and what defenses they may have to a foreclosure.  From that knowledge, the borrower is in a better position to assess what his or her chances are of making a decent settlement.  Unfortunately, not every case is salvageable.  But we want our client to go into the process with their eyes wide open.  And knowledge is the best  way to have your eyes opened.