Erick Trivedi Mortgages Law Blog on Lawyers.com

Florida: Foreclosure, Loan Modification Lender's Default

Wednesday, March 4, 2009 by Erick Trivedi

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When do lenders default in their obligations?  Although there are many instances of default only one is discussed here - I am focusing on a scenario which i believe is increasing in frequency.

Has your lender indicated to you that you should stop paying your mortgage before being considered for any loan modification or mitigation?  If so, attempt to get this in writing and then visualize this scenario.

An overworked judge looking at an ocean of forelcosures is presented with the defense that the loan is defaulted at the instruction of the lender.  Is this a waiver of their right to foreclose?  Does it sound fair to permit foreclosure where the lender instigated the very situation that they are now suing over?

Admittedly, i haven't tried this defense yet, but I'm eager to use this scenario.  The main obstacle seems to be that lenders seldom ever put anything in writing.  However, many phone calls are recorded.  By noting whom you spoke to and when the recording can be obtained.  This may provide the proof necessary to fight off a foreclosure.

www.trivediandassociates.com

 
Posted at 08:19 AM
Topic: Mortgages
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