The foreclosure of your home is one of the most devastating things you can face. Many people finding themselves faced with foreclosure blame themselves because the foreclosure is often the result of missed payments. Such a circumstance is frequently met with feelings of guilt and embarrassment. However, anyone can find themselves faced with foreclosure. Most Americans live paycheck to paycheck. That means that if someone loses a job or becomes seriously ill, foreclosure proceedings can be just months away.

Still, missing payments does not give a bank the right to foreclose on your home if they do not follow the law. The same laws that give a bank the right to foreclose require it to follow certain procedures. Failure to do so can mean they lack the right to foreclose, or that the foreclosure can be judicial reversed.

The Associated Press reported that JPMorgan Chase, Bank of America, and Ally Financial (formerly GMAC) have halted thousands of foreclosures, and many other banks may be forced to do the same. Democratic lawmakers led by Speaker of the House Nancy Pelosi are urging bank regulators and the Justice Department to investigate mortgage companies suspected of violating laws during foreclosure proceedings.

Three banks have halted foreclosures in 23 states because there is mounting evidence that lawyers and employees filed inaccurate paperwork and signed foreclosure documents without first reading them. In addition to those three, the Massachusetts Attorney General has also requested that Wells Fargo & Co. halt foreclosures. There is evidence that loan servicers used “false affidavits to prove they have the right to foreclose” reported The Huffington Post. A number of lenders have “acknowledged problems with foreclosure filings, including potentially forged documents and the practice of employing ‘robo-signers’ who signed off on thousands of evictions every month without verifying their accuracy,” according to The Washington Post.

If you find yourself faced with foreclosure, you may have defenses. Do not trust your future and your foreclosure to a lawyer who is only interested in holding your hand as a bank strips away your biggest and most valuable asset. Hire an attorney like Christopher Cadem who is dedicated to leaving no stone left unturned in your defense. If your attorney is not, at a minimum, obtaining copies of original promissory notes and verifying the legitimacy of affidavits, your rights are not being properly protected.

If you are faced with foreclosure, or recently lost your house to foreclosure, call Cadem Law Group, PLLC, today for a free and confidential consultation. (218) 739-HELP.

Sources:

The Associated Press, Calif. Lawmakers want foreclosure investigation, at http://www.google.com/hostednews/ap/article/ALeqM5g6vf2dm8OLL3Dz-mB3cw_eiSRFGwD9ILSED80?docId=D9ILSED80.

The Huffington Post, Pelosi Calls for Invest. of Foreclosure Fraud, at http://www.huffingtonpost.com/2010/10/05/democrats-call-for-invest_n_751373.html

The Washington Post, Pelosi, Lawmakers Call for Federal Probe on Mortgage Lenders, at http://www.washingtonpost.com/wp-dyn/content/article/2010/10/05/AR2010100503969_2.html?hpid=topnews&sid=ST2010100503988