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Foreclosure rates remain at record highs in this country, and millions of homeowners are living their lives under siege with the constant threat for foreclosure right outside their door.  It has gotten to the point where we have accepted foreclosure as just another thing, not just a term we use when someone has fallen on hard times.  But, despite as much as we talk about foreclosure, do we really understand what is foreclosure?

Foreclosure is a legal process where the property of a borrower is taken possession of by a lien holder, which is usually a lender, after the borrower has fallen behind on their loan payments and their mortgage loan has gone into default. Once the house foreclosure is complete, it becomes the lender’s property.  Then the lender is able to sell the property and keep any proceeds in order to pay off its mortgage and any legal costs that have been incurred.

The cause of the current house foreclosure crisis has been predatory lenders such as Bank of America, JP Morgan Chase, US Bank, GMAC and others who managed to get  people to agree to unfavorable terms on their mortgage loan.  This is the textbook definition of predatory lending.  It is incredibly scary when someone has fallen victim to a predatory lender, and aren’t sure what they can do to get help and prevent the loss of their home.  There is help available that can prevent a house foreclosure though.

By using a forensic loan audit, your loan will be examined for irregularities at both the state and federal levels. If any such violations are found, the doors are open to pursue litigation against the banks.  Most lenders, especially predatory lenders, would much rather negotiate a mortgage modification than be forced to pay back thousands in fees and interest by the courts.

If your house is already in foreclosure, a securitization audit may be a good option for you.  A securitization audit will examine your loan documents and look for issues such as robo signing or other issues.  Just having a securitization audit as evidence that the bank was involved in an illegal foreclosure can make the bank more willing to negotiate terms and stop foreclosure proceedings.  

Once you understand exactly what is foreclosure, it doesn’t have to be as scary as it seems. It will still be a very stressful emotional ordeal to face, but you should know that you do have options other than simply giving up and walking away from your home.

This is why if you need foreclosure help, you should not hesitate to contact Tila Solutions to give you the foreclosure help you need.  For over a decade, Tila Solutions has been looking out for the homeowner with their forensic loan audits and securitization audits.  If you need help stopping foreclosure, a Tila Solutions Consultant is available by telephone at (702) 508-0335.  Or you can visit the Tila Solutions website at help loan.