How To Stop Foreclosure DEAD In Its Tracks
July 3rd, 2009
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Most homeowners aer not aware of the options available to them when facing foreclosure. Did you know you can stop foreclosure on a dime simply by rescinding a mortgage transaction?
A mortgage rescission action does several things simultaneously:
- Stops the foreclsoure process immediately
- Requires your creditor to refund all closing costs
- Cancels prepayment penalties
- Voids the Security Interest
- If you go to litigation, you could end up receiving as much as three times the damages due you
- Mandatory reimbursement for your legal fees
- The creditor is required to pay all of the money you have paid toward the life of the loan
The Truth in Lending Act is a powerful piece of legislation that allows a consumer of a mortgage loan the ability to rescind a mortgage if the mortgage company is in violation of certain statutes and the contract. Regulation Z is the teeth in this legislation and it’s a legal right your mortgage company would just as soon you not know about it. But you have a right to know, and you have a right to foreclosure defense.