Mortgage litigation involves a claim, lawsuit, or other dispute over a mortgaged property. By definition, a mortgage is a vested financial interest in real estate. This vested financial interest can include both developed and undeveloped property. Examples of mortgaged properties are residential properties, commercial properties, agricultural properties, townhomes, and other real estate properties.
In mortgage litigation, the claim can be brought forth by either the lender or the borrower. In these disputes, one party is bringing a lawsuit against the other party to comply with the loan terms.
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What is mortgage litigation?
A lender or a borrower can initiate litigation. When a lender begins mortgage litigation, it is usually on the grounds of a delinquent mortgage that the lender intends to foreclose. However, other reasons include discrepant use of the property (such as operations outside of zoning laws) or outstanding liens on the real estate. Mortgage litigation initiated by the borrower can stem from the lender’s failure to adhere to the mortgage terms (such as excessive fees). Likewise, it can arise from the lenders’ refusal to consider (reasonable) loan modification requests from the borrower.
These are some of the common disputes surrounding mortgages. However, this is by no means an exhaustive list. Therefore, we recommend retaining a qualified real estate lawyer who has both knowledge and experience in mortgage litigation cases to ensure the best defense.
The Law Offices of Lora Matthews Fausett, P.C. are qualified to offer a comprehensive defense for mortgage litigation in the Chicagoland area. We specialize in a variety of real estate law, including loan modification, repayment plans, forbearance, short sales, and even foreclosure defense. To learn more about our real estate specialization, contact us at (630) 858-0090.
What does a mortgage litigation attorney do?
A lot can happen between a lender filing a foreclosure lawsuit and a borrower losing their home. That is to say, there are many options that a mortgage litigation attorney can help a borrower explore. Options include loan modification, repayment plans, forbearance, and even reinstatement and redemption. Consequently, hiring an experienced mortgage lawyer can make all the difference in a borrower’s mortgage litigation. If your lender has a lawyer, shouldn’t you?
There are other benefits to hiring a mortgage attorney as well. For example, a lawyer will attend court proceedings on the borrowers’ behalf, help navigate different options, and ensure all proper documentation is presented to the court. Moreover, an experienced lawyer will be well-versed in the various real estate laws that are in place to protect and defend borrowers, including:
- Real Estate Settlement Procedures Act (RESPA)
- Truth in Lending Act (TILA)
- Unfair, Deceptive, or Abusive Acts or Practices Act (UDAAP)
- Fair Debt Collection Practices Act (FDCPA)
- Fair Credit Reporting Act
- And more
Mortgage lawyers near me
If you are searching for mortgage lawyers in the Chicagoland area, you’ll find what you’re looking for at Fausett Law. Fausett law provides top mortgage litigation services protection for borrowers. We do this through carefully crafted and individually tailored defense to their mortgage litigation. Fausett Law has years of experience providing defense against unfair lending practices and foreclosure threats by identifying applicable laws, statutes, and common practices. In addition, we’ll help borrowers explore options that can help them avoid losing their homes or businesses. Call us today at (630) 858-0090 to speak with attorneys that can tailor your defense to your specific case and contact us for more information.
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