Saturday, October 5, 2013

A Foreclosure Defense You May Find On Your Own

Florida Foreclosure Defense: The Defective Acceleration Letter 

Everyone likes to read and research foreclosure defense online. You watch some videos on YouTube and read articles or websites you find to try to decipher your case. You may feel that your bank is is possibly doing something wrong or have seen errors in your mortgage paperwork. Here is something that you can look for in a foreclosure acceleration letter as soon as you receive a lis pendens or the official foreclosure notice. 

It's very important that you keep all of your paperwork to provide to your attorney when you begin fighting your lender if they file a foreclosure lawsuit against you. 

What it is:
An acceleration letter is the letter homeowners receive from the bank prior to filing foreclosure it's what we call a condition precedent that they're required to file or to send to you, to tell you how much you're behind what you need to pay and if you don't pay that amount of money within 30 days they're going to accelerate the loan and that means to accelerate all the payments to make them due at one time and that's the step before foreclosure.

Why it’s a viable defense:
Use a defective acceleration letter in a mortgage situation to force the bank to provide you with the amount of money that is due without incorrect penalties, vague payment terms and amounts and a delay that they cause with letters that do not provide the homeowner with the amount due that they know and that you do not.

What to look for:
A common defect in an acceleration letter is the language that says “you have to pay X amount within 30 days, plus whatever principle, interest, penalties may accrue since the date the letter was issued.”

The bank did not state what the dollar amounts due actually are. The banks simply state that the money, fees, penalties are due. This is a big problem. You don't know how much to send in because you don't know how much principle, interest, penalties, late fees have accrued since the date of the letter. All the fees increase daily. So to actually circumvent and stop the fees from accumulation, you have to overpay.

But the letter on its face is defective because it doesn't tell you the exact amount to send in. Should you try to overpay, the bank could be as dishonest and state that they could not accept the payment because it was incorrect or overpaid.

Hire an Experienced Attorney:
You should stop trying to win or outsmart the banks on your own. Don’t expect reasonable response. The banks are sending automated letters. Departments generate template letters that are sent out to inform you and may not even have a person on the letter to whom you should respond.

The goal is to dismiss the case and force the bank to start over again with a proper acceleration letter. This provides the homeowner the legal right to pay the bank only what is due, the exact amount that is due within the rights afforded them by the law.

When you get statements from any bank and the charges are confusing and they don't make any sense and you can't make anything out of them, don't take the position that well it's a big bank and they must be right and I must be wrong. Because it's coming out more and more that not only are they wrong, they know they're wrong.

Contact Eric Lanigan and Roddy Lanigan at 407-740-7379 to come into the Winter Park, Florida office. 

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