How Can Lender Errors Help Me Save My Home?
Facing foreclosure can be extremely stressful. However, if you think your mortgage lender has made a significant mistake and thus put your home at risk of foreclosure, the Columbus, OH foreclosure defense lawyers at Kohl & Cook Law Firm, LLC can help you explore your options and fight the foreclosure. In this article, we’ll discuss how you and your foreclosure defense attorney can dispute lender errors and avoid foreclosure.
How to dispute lender errors
You may not have seen foreclosure coming. You might be confused as to why the bank is attempting to foreclose on your home. Such an error can result in a homeowner losing their home. If you can’t figure out why you’re facing foreclosure, it could be due to a lender error. The foreclosure defense lawyers at Kohl & Cook Law Firm, LLC can help you dispute lender errors using the following methods:
- Notifying the mortgage lender – To begin a dispute, you must send notice to your mortgage lender. In other words, you must put them on notice that they made an error. Our foreclosure defense lawyers have ample experience crafting these letters. The lender must then notify you that the error has been fixed, or, on the other hand, that there was no error in the first place. Either way, you will be given the opportunity to respond to this notice.
- Waiting for the lender’s response – Once you send them notice, the lender has five business days to acknowledge the letter. Lenders have a different amount of time to respond to letters depending on the type of dispute they refer to. If there is an inaccurate payoff settlement, the lender must respond within seven business days of receiving the letter. If they mistakenly started a foreclosure against you, they must either respond within 30 business days or before the foreclosure sale date.
- When no response is required – In some cases, the mortgage lender will not be required to respond to the notice. If you receive no response, it may be because you already received an answer. It may also be because you did not specify a reason in your notice.
Types of lender errors
Mortgage lenders make mistakes. Sometimes, these mistakes result in them foreclosing on a home in which the mortgage is in good standing. Such errors include:
- Your lender refused to accept payment
- You see fees or charges that were not in your loan contract
- Your lender did not pay property taxes
- Your lender did not pay homeowner’s insurance
- Your lender incorrectly applied the payment to your loan
- Your lender provided you with an inaccurate payoff balance amount
Talk to a Columbus Foreclosure Defense Lawyer Today
Kohl & Cook Law Firm, LLC represents the interests of homeowners who are facing foreclosure. Call our Columbus foreclosure defense lawyers today to schedule an appointment, and we can go over your options for keeping your home right away.
