Frequently Asked Questions: How Is That Fair?
When we see potential clients at our initial consultations, many are frustrated for a wide variety of reasons. For some, the red tape and often Byzantine procedures for obtaining a loan modification are the cause. For others, the chaos caused by the mortgage crisis resulted in lost files, escrow account issues, improperly force-placed insurance, or sloppy accounting that caused problems leading to foreclosure.
These problems aren't uncommon, and may provide defenses to a foreclosure action. However, in some cases, they simply cannot. A good general rule is to never ignore a foreclosure lawsuit because you've applied for a loan modification.
When people find themselves in these situations, they often discover that many results seem unfair. Sadly, even though judges are granted some powers to help create equitable results, they must follow the law. Many issues that frustrate home owners simply aren't defenses to foreclosure the way the law is written. Results may vary from state to state.
In the case of the Illinois Mortgage Foreclosure Law, the result is often in bank's favor. Some situations and facts may give a home owner more power than others. Getting a raw deal at the closing is never pleasant. Some remedies exist where banks didn't follow proper lending procedures. Unfortunately, many of those remedies have very short periods before the right to exercise them expires.
This often creates results that seem unfair. These situations seem to defy logic. "If someone would just listen, they'd see I'm right." The law doesn't always promote what is fair and what is right.
This accentuates why it is important to seek competent assistance before it is too late. The earlier you seek the advice of an attorney, the earlier you can make an informed decision about your situation.
The law may not always be fair, but with a bit of help, it is possible to level the playing field.
