Foreclosure Defenses Available
The goal of a proper foreclosure defense will result from an in-depth study of all the documents and the specific narrative of the client. As an experienced foreclosure lawyer of Sulaiman Law and Associates, Ahmad Suleiman has acquainted himself and his clients with the many foreclosure defenses available in Illinois.
In Suleiman's opinion, first, you should hire the best legal representation in your area to combat lenders who are trying to foreclose on your home. And then, in order to build a strong defense for your case, you should have your attorney check all the laws in your state regarding foreclosure, loss mitigation and past foreclosure court cases to determine the information you need to supply.
Here are some valid defenses that can provide a guide if it comes time for you to search for similar laws in your area.
- The Illinois Mortgage Foreclosure Act can be used to highlight defects in the summons of the foreclosure, the complaint issued, and the foreclosure procedure.
- The Illinois Mortgage Rescue Fraud Act protects homeowners from schemes by criminals who are trying to take advantage of people who are financially unstable.
- The Illinois Consumer Fraud and Deceptive Business Practices Act, as well as the Racketeer Influenced and Corrupt Organizations Act are used to combat the lenders and other parties involved who purposely tried to defraud the homeowner.
- Office of Banks and Real Estate Regulations regulates individuals and entities that committed fraud and who are licensed by the state.
- The Illinois Interest Acts investigates if the homeowner's loan interest rate was outside of the legal guidelines.
- The Illinois Fairness in Lending Act ensures that the loan was not discriminatory in any way.
- The Illinois High Risk Home Loan Act addresses whether the loan was necessary and within legal guidelines.
- Federal Truth in Lending Act addresses whether the proper disclosures were delivered to the homeowner prior to signing any documents.
- Federal Home Ownership Equity Protection Act is a nationwide initiative focused on the validity of the loan, whether it was necessary for the homeowner, and if the interest rates and terms fit within legal guidelines.
10. The Federal Real Estate Settlement Procedures Act ensures that the proper disclosure of all fees and costs associated with the loan were received by the homeowner.
