A real estate property can be a valuable asset to any individual. It is the product of their hardwork, sacrifices, and savings. It can help provide your family with shelter and protection from natural forces such as the snow or rain. But when your property was foreclosed for the wrong reasons, you can make the bank or financial institution responsible for their mistake and get back your property.
Wrongful foreclosure is one of the most difficult processes any homeowner can go through. The good news is that you can hold the lender responsible for the mistake they committed in accidentally foreclosing your property. There are many issues that can contribute to a property becoming illegally foreclosed (Click here to learn more). Meanwhile as you aim to get back your property, here are some steps you can take to strengthen your chances of winning:
1. Put everything in black and white
Yelena Gurevich of the Consumer Action Law Group recommends documenting everything. She suggests noting down the names of people in the bank or lending institution that you communicate with, their dates, and official letters from the lender. By documenting everything, you can back up your monetary claims and help in the assessment of property damage.
2. Exercise your rights
When your property has been illegally foreclosed, you can exercise your legal rights to file a claim against the bank or lender involved in wrongful closure. If you were immediately evicted from the house they illegally foreclosed, you can request for a preliminary injunction, claim monetary damages, or get your property back.
3. Call the lender
By calling the lending company, you will be able to clear the situation up. Just bear in mind that they are just doing their job and that there must have been some form of miscommunication along the way. If so, you can seek reparations from the lender itself and try to rectify the mistake.
4. Get legal help
If you cannot fix the situation yourself, this is the time to get help from a real estate lawyer. The attorney then will know what to do with the situation and if necessary, file the corresponding case on your behalf.
An illegal foreclosure can cause difficulties and frustrations on your part. The good news is that you can get back your property and make the bank and lender pay for any inconveniences they have caused you.