August 26, 2014 | By RGR Marketing Blog

What's Your Foreclosure Defense Strategy?

Many American homeowners were hit hard by the economic troubles of the past seven years. Fluctuating interest rates, loss of employment, and tumbling home values in many markets have left some homeowners wondering if succumbing to foreclosure is the only viable option.

Foreclosure is a difficult process to endure. What seemed like a sound investment turns into an unbearable burden, resulting in a loss of financial stability and a compromised credit rating, not to mention plenty of heartache.

However, foreclosure is often not the only available choice for struggling homeowners. Many have opted to take legal action to defend themselves against foreclosure proceedings.

So what are the elements of a foreclosure defense strategy, and how does it work?

Verification of Legal Compliance

During the heady days of the sub-prime lending boom, many financial institutions resorted to lending practices that have revealed themselves in hindsight to have been irresponsible at best, and wholly illegal – or even predatory – at worst.

One of the first steps in creating a workable foreclosure defense strategy is to conduct an investigation into the lending practices of the mortgage’s originators. If evidence of improper lending practices is found, it can lend credence to a foreclosure defense, and may force financial institutions to halt the foreclosure process entirely.

Challenging a Foreclosure Buys Time

When foreclosure is looming, a bit of extra time can give beleaguered homeowners additional time to seek out alternative options. Some may be able to obtain mortgage modifications or principal write-downs. Others may prefer to arrange short sales or submit deeds in lieu of foreclosure. Those whose financial situations have improved may have the wherewithal to catch up on past-due payments and have their mortgages reinstated. Out-of-court workouts may be an option. Bankruptcy proceedings may be initiated, which may further forestall or prevent foreclosure from going forward.

Whatever the case may be, initiating a solid foreclosure defense strategy can give struggling mortgage holders the time they need to research other, possibly better courses of action.

Your Clients Need Options

If you’re in the foreclosure defense business, there are plenty of people out there who need your help. Every day, American homeowners are forced out of their residences by foreclosure, and many have been the victims of predatory lending practices, loan modification scams, and other less-than-reputable schemes.

Of course, you can’t help them if you can’t make contact with them. That’s why purchasing foreclosure defense leads from a proven source makes so much sense. It’s an ideal way to add volume to your existing foreclosure defense leads pipeline, helping you reach out to those who need your services, and build a more profitable business in the process.

[Photo Via: Property Drum]

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