Lessons Learned from Foreclosures in San Antonio

It is a fact that losing a home to foreclosure could be very devastating for any homeowner. It is a nightmare for any troubled household to try to fix the mortgage default problem, but, still, foreclosure went on. For those who are not familiar with the system, such a case could be considered as ‘wrongful foreclosure.’ Consumers could learn a lot if they would look at foreclosures in San Antonio, Texas.

In the past couple of months, the city, just like most other cities and states in the country, has been actively cracking down mortgage lenders and servicers that have been practicing wrongful foreclosures. It is not surprising that such type of home foreclosures have really happened in numerous cases because of clerical errors and because of the tight financial situations of banks, especially during the recent financial crisis.

Many foreclosures in San Antonio have been questionable. Homeowners claim that their homes were repossessed even if they were still negotiating for possible loan modifications. Now it is clear that such a practice, known as dual tracking, is wrongful foreclosure and is illegal.

Texas Attorney General Gregg Abbott is sharing some insights not just to homeowners who fall into foreclosures in San Antonio, but also to other homeowners in other cities and states. First, be informed that any mortgage borrower has the right to loan modification before the home is completely foreclosed. Second, while trying to fix the loan, be sure to monitor your escrow account balance as most banks pay property taxes out of the account. It should not be the case. Third, be sure the loan modification agreement you sign does not contain provisions allowing the foreclosure department of the lender to over-ride any term of the loan. And lastly, be reminded that all borrowers could work through the whole process to rework the loan before repossession takes place.

The same problem is rampant in Jacksonville foreclosure listings in Florida. In fact, a mortgage servicer based in the city, Lender Processing Services, has been exposed by the media for allegedly mishandling documents to expedite foreclosure processes.

It has been discovered that many homes in Jacksonville foreclosure listings, just like in foreclosures in San Antonio, have been repossessed through wrongful foreclosure. Now those banks and mortgage servicers are trying to cover up and patch things up to protect their interests. But the damages have been done to evicted homeowners. Thankfully, it is payback time for homeowners who suffered from wrongful home foreclosures.

ForeclosureDataBank.com is an information resource for foreclosure issues.

Original post: http://www.foreclosuredatabank.com/foreclosures-blog/article/2493/lessons-foreclosures-san-antonio on ForeclosureDataBank.com, your source of foreclosure homes.

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