The national foreclosure crisis is forcing lender laws to evolve and it is forcing the court to evaluate lenders and its mortgage servicers with more scrutiny. It has been discovered, on many occasions, that lenders are increasing mortgages by applying miscellaneous fees, which increase the homeowner’s monthly payments. Thus, it is not always the homeowner’s fault for defaulting on their mortgage. In fact, on some occasions, it has been the bank that has not honored its promise to properly apply mortgage payments. As a result, the homeowner is forced to bear the shame and guilt of foreclosure, when the lender may have contributed to the loan defaulting. The government offers assistance to the proactive homeowner. The Home Affordable Modification Program (HAMP) is a federal program designed to assist homeowners in need. Homeown- ers whose monthly mortgage payment exceeds 31 percent of their gross income may apply.
The federal bankruptcy court offers help to the homeowner who is behind on mortgage payments as well. Bankruptcy often carries with it a negative connotation. However, bankruptcy is a legal right that can help relieve the stress of creditors and help you keep your home. A Chapter 13 Bank- ruptcy will allow a homeowner to pay off the “arrearage” (late or unpaid) payments. It allows an individual to reorganize their debt by repaying all or a portion of the debt through a monthly payment plan.
A foreclosure action is started in state court. A complaint for foreclosure often carries with it the feelings of embarrassment, guilt and defeat. Homeowners are embarrassed because they are facing the reality of losing their home which carries a symbol of prosperity. It separates the middle class from the poor. The guilt homeowners experience is from not being able to honor their promise to pay their mortgage. A notice of foreclosure often sends homeowners into hiding, because they are afraid their neighbors, friends and family may find out about their financial difficulties. This is exactly what you should not do. A proactive homeowner is a homeowner who can save their home from foreclosure.
This is a time to protect your investment. Consulting an attorney can help you become aware of your rights and defenses under a state foreclosure action. There are many defenses. One defense is when an entity, that is not in possession of the original note, initiates the foreclosure proceeding.
As a homeowner facing foreclosure, there are options to help you stay in your home. A homeowner who desires to maintain their assets and generate wealth must be aware of the foreclo- sure process and alternative measures that can be taken to preserve their asset. The alternatives of loan modifications and Bankruptcy are all viable and legal options to avoid losing your home, that should be viewed in a positive light. Seeking legal advice in the early stages of foreclosure is a preventative mea- sure that can protect your investment and provide a peace of mind. Knowing your rights as a homeowner will help you continue to achieve your American dream.
813-387-7724 Fax: 813-387-7727
www.freshstartlawfirm.com 505 E. Jackson Street, Suite 303 • Tampa, FL 33602
Miriam L. Sumpter Richard, Esquire Marshelle Brooks, FAMU Law Student
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