I can’t afford my house payment; what should I do? I was served with a foreclosure summons; what should I do? The government is buying my mortgage; what should I do?
By Andy Miofsky, Illinois Consumer Law Attorney on Sep 23, 2008 in Foreclosure Defense, Uncategorized
You can’t always get what you want, but if you try sometimes, you might find you get what you need. So, Stay and Fight the foreclosure.
No, you can’t always get what you want. But you don’t have to give up your house right now either. If you live in a judicial foreclosure state, the mortgage holder has to take you to court to foreclose on the mortgage. At present, there is considerable debate over who has the right to file a foreclosure case. Lawyers such as Jacksonville foreclosure lawyer Chip Parker, Ft. Myers foreclosure lawyer Carmen Dellutri, New York foreclosure lawyer Jay Fleischman, David Leibowitz and myself, Illinois foreclosure lawyer Andy Miofsky, are becoming wise to the ways of how mortgages get sold by the originating lender to Wall Street investors. As loans get bundled and packaged into neat investments, holders of these mortgages become harder to find. Sometimes the new owners never see the actual mortgage and loan note documents. Without original documents, they cannot prove up their foreclosure case.
We are defending foreclosure cases and keeping clients in their homes by asking who really owns the mortgage.
And if the US government buys these mortgage investments, one has to consider how this will affect the foreclosure process. Will the government be able to produce appropriate documentation showing it has a right to foreclose? So far, banks are having a problem doing so. Now, if the government steps into the shoes of these investor types, without the proper paperwork, what will happen to the foreclosure cases? Again, time will tell, but it does not look like this massive trillion dollar bailout will make it any easier to kick anyone out of their house.
So, by staying and fighting the foreclosure now, you might just get what you need – time to catch up your payments, modify your loan or sell your house.
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