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How to Prevent a Wrongful Foreclosure

 


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Nobody ever wants to have his home foreclosed but circumstances beyond ones control such as increase in mortgage rates, unexpected medical bills, expensive divorce settlements throws unwary soul into that financial quagmire.

However, there are circumstances where foreclosure may be wrongful caused either by a glitch in the lenders computers or perhaps out of bad intentions. Such wrongful foreclosure can and should be fought against and these are the steps that can be taken.

First of all, take all correspondence from your lender seriously. Nothing should be overlooked. I remember once, speaking from another context when I received a notice from paypal and thinking it was a spam, refused to read it and it almost cost me my account! It is therefore important to take all correspondence from your financial provider seriously especially if you are indebted to the institution. Ignorance is not an excuse before the law!

From the mails received from your lender, it will be easy for you to notice any glitch from your lender.

For instance, if you were threatened with a foreclosure but found you were paying higher mortgage rates than you otherwise should, you can demand for a refund of the excess charges from your lender and benefit from paying lower rates. This can stop foreclosure.

All the same to have a foreclosure declared as wrongful, you will need to prove there is a glitch somewhere. You will need an expert to confirm what exactly the defect is and where the fault is from. This will mean consulting a lawyer and examining the paperwork given to you by your lender. This can stop foreclosure proceedings.

What you really need is knowledge and with that knowledge you can prove that there has been a wrongful foreclosure. An expert is the best option on choosing what the defect is.

Ariyo Akinlosotu is an expert author on foreclosures. You can learn more about foreclosures at his current blog http://endforeclosure.wordpress.com

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