Real Estate Settlement Procedures Act in Portland, Oregon
Portland Real Estate Settlement Procedures Act (RESPA) Attorney
What is the Real Estate Settlement Procedures Act?
Individuals who are struggling financially often have trouble paying back debts including their home mortgage. Debtors who cannot make monthly payments are at risk of facing foreclosure, which is a highly complex made more difficult by a lack of information from the mortgage lender. This is where the Real Estate Settlement Procedures Act can help those who are dealing with an impending home foreclosure. Connect with our Portland RESPA attorneys to know more.
The Real Estate Settlement Procedures Act of 1974 requires lenders, mortgage brokers, or providers of home loans to provide borrowers with timely and adequate information about the nature and costs of the mortgage accounting. The act also prohibits certain practices, such as kickbacks, and puts a limitation on the use of escrow accounts.
Consult with knowledgeable Oregon bankruptcy lawyers who will look into your financial situation and give your case the attention it deserves. We have extensive experience in helping individuals who are in a dispute with their mortgage lender about the accounting of their loan. We can help you take action to avoid foreclosure and improve your financial situation.
If you are struggling with debt and you are behind on your mortgage or facing foreclosure, call us today at Michael D. O’Brien & Associates, P.C. by dialing 503-694-4445. Our seasoned Portland OR foreclosure attorneys can assess your financial situation and help you decide the best course of action to take.
Why You Need a Reliable RESPA Attorney in Portland, Oregon
Due to the current economic situation, many Oregon homeowners are interested in the process of foreclosure prevention. One of the things they worry about is the threat of a lawsuit, which their lender may file to recover any deficiency in their payments. Aside from dealing with a lawsuit, this can also leave you without a home, which can be very stressful.
A reliable Oregon RESPA attorney from our Oregon law office can help you fully understand the legal consequences of having your real property foreclosed and, more importantly, what you can do to stop it. Call us at 503-694-4445 to schedule a consultation today.
Since not many are familiar with the legal process of a home foreclosure, you would likely have several foreclosure questions. Have these questions answered by contacting us at Michael D. O’Brien & Associates. Our RESPA attorneys and bankruptcy lawyers in Portland, OR will be glad to assist you.
The Basics of the Real Estate Settlement Procedures Act
The idea behind the federal Real Estate Settlement Procedures Act is to make sure that consumers are given timely information about the mortgage accounting on their loan. While this law is commonly associated with real estate transactions, it also covers specific actions that loan servicers must take.
RESPA, in particular, lays out the requirements that are related to qualified written requests. With a qualified written request, also known as a request for information, your lawyer can obtain highly detailed information about your loan to analyze whether errors have been made by the lender/loan servicer. Once notified, loan servicers are mandated to correct errors or provide information to debtors who ask for it.
Generally, lenders are more likely to push through with a foreclosure when a borrower is not fighting back to protect their interests. If you send a notice of error based on certain loss mitigation errors (such as an error based on the 120-day pre-foreclosure waiting period or dual-tracking restrictions), you will be able to stop foreclosure, albeit temporarily. As long as the loan servicer receives the notice of error in a timely manner (there are strict timelines), they must first resolve the issue for sale to commence.
Call our foreclosure defense law firm and consult with a seasoned Oregon RESPA attorney today. Dial 503-694-4445 or send us a message to know how we can help.
The Home Foreclosure Process in Oregon
Home mortgages are considered secured debts, which means that the borrower will pledge the property as collateral for the loan. When a homeowner fails to make payments, as specified by the home mortgage contract or promissory note, lenders may proceed to foreclose on the property.
In general, homeowners would either face a judicial or non-judicial foreclosure. The non-judicial process allows a mortgage lender to proceed with a trustee’s sale without the need to file an action in court. Foreclosures that are non-judicial in nature are governed by a deed of trust executed and recorded at the time of purchase.
Most residential foreclosures in Oregon involve non-judicial trustees’ sales. Seeking legal assistance is highly recommended if you wish to clarify this foreclosure proceeding and any state law that might come into play.
On the other hand, the trustee has to file a lawsuit in a judicial foreclosure in order to get the process started.
A judicial foreclosure typically takes months to process. This gives you ample to to look for another place to live, or to save money before moving out. Another advantage is that you can also bring up any legal defenses you might have to the foreclosure. Consult with our experienced Portland foreclosure defense and RESPA attorneys, and we will provide you the legal help you need.
Qualified Written Requests
A qualified written request can especially be helpful in nonjudicial foreclosures. Since a lender does not need to go through the state court system to foreclose, a judge will not order the servicer to produce information about the account (unless you file your lawsuit). As such, qualified written requests are a plausible way to get information about your account.
A qualified written request is created to either resolve errors related to the account or obtain information regarding the account. If you are facing foreclosure and are having a difficult time getting information about your account, it is often best to make a qualified written request.
Very broadly, by making a qualified written request, a borrower forces the loan servicer to provide detailed information about the account. Under amendments to Regulation X, which implements RESPA, your inquiry will be categorized as a “request for information” or a “notice of error.”
To know more about how this can help you, seek legal assistance from an experienced foreclosure defense attorney. At Michael D. O’Brien & Associates, P.C., our Oregon RESPA attorneys are committed to assisting people get relief from their debt, relief from garnishments or foreclosures, and get back on track to success.
Preventing Foreclosure in Portland, Oregon
Borrowers may fall behind monthly mortgage payments for several reasons. Being unable to resume making monthly payments, or being unable to pay certain penalties, would increase your chances of facing a foreclosure.
Most of the time, a debtor can look into several possible foreclosure defense options. Depending on your specific circumstance, there are defensive actions that you may take against a looming foreclosure. Making use of RESPA is one. However, if you have exhausted your options, filing for bankruptcy may be the best way to avoid losing your home.
If you cannot work out an agreement with your lender, you may opt to file bankruptcy Chapter 7 or Chapter 13. There are certain pros and cons for each filing chapter, but both can stop a foreclosure and may give you time to help you save your home and be allowed to stay in it. A dedicated Oregon bankruptcy lawyer can explain how a bankruptcy filing can prevent foreclosure and work to your advantage. Call a Portland RESPA attorney today at 503-694-4445 to schedule a consultation.
Seek Reliable Legal Help from Oregon RESPA Attorneys
Our trusted RESPA attorneys are experienced and progressive in dealing with home foreclosure cases. If you have multiple mortgages on your home and you’re seeking for a foreclosure defense, please contact Michael D. O’Brien & Associates, P.C. to know more about the Real Estate Settlement Procedure Act (RESPA). Our Portland bankruptcy law firm offers free initial consultations on most matters.