When a bank or loan holder applies to foreclose on a property, there is a tremendous amount of paperwork that the loan officer needs to review. An important document that is included with this paperwork is a foreclosure affidavit. This affidavit is signed by the loan servicer as a way of verifying that he or she has reviewed and double-checked the accuracy of all the foreclosure documents submitted.
The thing is, many loan servicers are so bogged down with foreclosure paperwork that they do what's called "robo-signing." Essentially, they never double-check the accuracy of the paperwork in the foreclosure application, and they dishonestly sign the foreclosure affidavit vouching that they've reviewed the information when, in fact, they have not.
One excellent strategy that some borrowers have succeeded in using to stop their foreclosures is to challenge the validity of a robo-signed affidavit. Sometimes, foreclosure defendants can find inaccuracies and errors within the foreclosure paperwork -- perhaps related to the true amount that is currently owed on the mortgage. When these inaccuracies are discovered and revealed to the court, it can render the entire foreclosure process null and void for the lender, and the lender will usually need to start back over again -- which buys the defendant valuable time.
If your home is being foreclosed upon by your bank, learn more about your foreclosure defense options now. By reviewing your facts and circumstances, you might discover legal strategies that you can use in your favor to keep your property and the valuable equity you have built up inside it.