Miami foreclosure lawyer David Charlip (https://charliplawgroup.com/false-hope-loan-modification-and-dual-tracking/) of Charlip Law Group has recently published an article addressing the issues of loan modification and dual-tracking, a practice that can give homeowners a false sense of security. The article, titled “False Hope: Loan Modification and Dual-Tracking,” highlights the importance of being well-informed and seeking professional legal assistance when facing foreclosure or the risk of losing one’s home.
“Dual-tracking refers to a process through which the mortgage lender continues to pursue foreclosure proceedings against a homeowner while simultaneously conveying to the homeowner, who has applied for a loan modification, that their application is being considered,” explains Miami foreclosure lawyer David Charlip. This deceptive practice can lead homeowners to believe that their modification request is being taken into account when, in reality, the foreclosure process is still ongoing.
Miami foreclosure lawyer David Charlip goes on to discuss the regulations established by the Consumer Financial Protection Bureau (CFPB) and various bank settlements, which prohibit dual-tracking before certain deadlines have passed. For example, a bank or mortgage lender cannot initiate foreclosure proceedings until a homeowner is at least 120 days delinquent and is not supposed to continue with the process while reviewing a completed loan modification application.
However, homeowners should be aware that the mortgage lender is only required to review the loan modification application, not to approve it. If the application is denied, the foreclosure process can resume, and the homeowner may still lose their home.
The CFPB investigates complaints of dual-tracking and other abuses by mortgage lenders and servicers. In some circumstances, homeowners may also sue the mortgage servicer for dual-tracking violations in an attempt to halt a foreclosure.
As Miami foreclosure lawyer David Charlip emphasizes, “If you find yourself facing foreclosure or at risk of it, it is essential to seek guidance from a knowledgeable foreclosure defense attorney who can advise you on your rights in such situations.”
For homeowners experiencing foreclosure or at risk for it, taking prompt action and consulting with an experienced foreclosure defense attorney is crucial. The skilled team at Charlip Law Group is dedicated to guiding homeowners through this challenging process and ensuring their rights are protected.
About Charlip Law Group:
Charlip Law Group is a Miami-based law firm that focuses on providing experienced legal representation to clients facing foreclosure or at risk of losing their homes. With a team of experienced foreclosure lawyers, Charlip Law Group is committed to offering comprehensive legal guidance and support throughout the entire foreclosure process. By staying informed of the latest regulations and legal developments, the firm aims to protect the rights and interests of homeowners in these difficult situations.
Charlip Law Group L.C.
David H. Charlip
999 Brickell Ave Ste. 840
Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Opinion Bulletin journalist was involved in the writing and production of this article.