Guild Mortgage Litigation Assistance
The Guild Mortgage Litigation Assistance Program was established in 1998 to assist individuals filing a guild mortgage foreclosure lawsuit. This is a fairly common occurrence, with nearly half of all cases being challenged on the basis of defective lending practices. In this article I will discuss what is involved in this type of challenge and who is eligible to receive assistance. As with most legal matters, it is always important to hire the best lawyer possible, even if it costs more. Here are some suggestions to consider when choosing an attorney to help you with your Guild mortgage lawsuit.
Guild Mortgage Lawsuit
Lawyers who specialize in this area have extensive experience in representing individuals and companies who have been the victims of illegal lending practices. Experience also equates to more likely success, which means they will be able to get a higher percentage of the money back from the bank for the principle amount of the loan. In other words, the lawyer will know exactly how to paint the picture to his or her client to ensure that they will receive the maximum amount of money back. The lawyer will have an intimate knowledge of the inner-workings of the banking industry, as well as the paperwork involved in the process.
Another important consideration is the fact that the Lawyer has the backing of the company he or she is representing.
Most banks do not hire outside professionals without providing a guarantee. I always recommend that anyone seeking legal representation to select a law firm with a great deal of experience in dealing with the particular situation being presented. Additionally, there should be at least three former clients to date who are willing to speak with the attorneys representing the client. It is very important that you feel comfortable with your attorney, as he or she will be representing you in the Guild Mortgage Litigation Assistance Program.
In order to provide you with the best representation possible, the law firm must be a member of the National Guild of Homeowners Associations.
This will ensure that your legal rights will be protected and that you will not be discriminated against. This is very important especially in today’s sue and settle business environment.
Before engaging a lawyer in a Guild Mortgage Litigation Assistance Program case, you need to make sure that he or she has experience in dealing with these types of cases.
Not only should the attorney have experience with the particular type of foreclosure lawsuit you are involved with, but he or she should also have experience working with your mortgage company. Most of the time, the attorney will bring his or her own group of attorneys to the table with you. This will mean that you will not have access to a lawyer with the same lawyers working for the lending institution that is being sued. The National Guild of Homeowners Associations will provide a list of attorneys that are members of this organization.
Many times, the lending institutions will attempt to have a one-time sale of the mortgage note from the home.
In other words, they will offer to sell the property for less than the balance of the mortgage that is owed on the home in order to recoup some of their losses. There are two main reasons that the mortgage company will attempt to sell the note – to either get rid of the liability that is tied to the mortgage and prevent further delays on the home owners’ loans or to get more money from the home owner by increasing the interest rate. Both of these are justifications for the lending institution to try and sell the note. A mortgage lawsuit expert should be brought onto the case to give the winning party expert advice on how to maximize their chances of success.