The current economic crisis has shed new light on problems in mortgage lending.  Whether a lender is guilty of practices that constitute predatory lending or you are stuck in a situation where you are unable to workout or modify a loan to meet your financial needs, you have legal rights the Thompson Law Office can help you protect.

Just because you are the debtor does not mean your rights are less important than the lenders.  If you borrowed money to pay for your home, and you want to pay it back, you should always be able to determine to whom you owe the money, who you need to pay, and who you can talk to in the event you need to arrange for extra time or a different payment structure to meet your obligation.

When banks, other creditors, mortgage loan originators, or other processors shuffle paper without properly connecting the dots between your right to the home you occupy, and the claims that may exist against it, they may have reduced or no legal authority at all to pursue claims against you.

You may not need to wait until the bank takes action against you.  Through a Quiet Title or other suit designed to fairly sort out your rights, you may be able to turn your personal situation from one that seems completely unmanageable to one where you can stay in your home as long as you desire.

In Indiana, protection may also be afforded to you through the Indiana Home Loan Practices Act.   While most lenders are careful to abide the reasonable requirements of this law, for those who do not, they can be subjected to compensatory and statutory damages, and required to pay attorneys’ fees to a borrower prevailing under a claim asserted under the Act.

Federal law further provides certain protection that go significantly beyond the protections afforded under state law.  The Real Estate Settlement Procedures Act and the Fair Debt Collections Practices Act both contian detailed protections for homeowners in the process of purchasing a home, or in the event of a default and potential foreclosure proceedings.

When foreclosure proceedings are properly defended, homeowners can often keep their homes at a cost they can afford.  We work with debtors carefully and consistently to help ensure the law is used fairly to protect their rights, just as they are for creditors.

If you are in need of legal counsel in deciding how to handle your circumstances, contact our office today for a free, initial consultation.