Foreclosure can be a puzzling and overwhelming process that often leaves homeowners in a daze. If you’re wondering whether your bank has the legal right to foreclose on your home, you are not alone. Due to mortgage lenders’ routine practice of selling or reassigning servicing rights, homeowners are often confused about who has proper ownership of their mortgage. Here are a few tips on proper ownership and how it can affect your foreclosure.
In order for your lender to have a valid case against you, they must show that they have physical possession of the promissory note. The note does not require a signature, but only that it be endorsed to “blank” or otherwise to the entity foreclosing. At trial, the burden of proof falls on the foreclosing party. That means the bank has to prove to the court that they have legal standing to foreclose on your home and seek repayment, whether you respond to the foreclosure or not. Generally, if the bank is unable to prove that they have proper ownership of the home, the foreclosure will not proceed. This sounds simple enough, but in reality it rarely is.
In today’s foreclosure-mill environment, documents are regularly mishandled and even lost. But even with these mistakes being common, many foreclosures routinely proceed through the courts unfettered. This is why seeking the help of qualified legal professionals is very important. When it comes to foreclosure, having expert legal counsel could make all the difference in the fight to keep your home. If you believe your lender does not have proper ownership of your property or suspect any wrongdoing, consult with an experienced Foreclosure Attorney immediately to review the facts of your case and help you protect your interests.
Stephen K. Hachey, a Florida real estate attorney, can help your wade through this process and determine a positive solution. Contact him at 813-549-0096.
The opinions in this post are solely those of the author. The author takes full responsibility for the content. Like all blog posts, this is offered for general information purposes and does not constitute legal advice.