Mr. Cooper Foreclosure Defense

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Mr. Cooper, a mortgage lender and servicer in the United States, was once the Nationstar Mortgage Corporation. Today, Mr. Cooper is the largest non-bank loan lender and servicer in the country and the company ranks 15th in loan originations. Founded in 1994, Mr. Cooper currently has 3.5 million customers and the headquarters for the company are located in Coppell, Texas. Mr. Cooper focuses on first-time homebuyers and FHA loans.

Sadly, while millions of homeowners place their trust in Mr. Cooper, they are not always treated fairly. Like the major banks throughout the country, Mr. Cooper has also unfairly foreclosed on homes when they had no right to do so. Below, our Fort Lauderdale foreclosure defense lawyer explains more about this company and how you can protect your rights.

How Our Foreclosure Defense Lawyers Can Help

Mr. Cooper and other mortgage servicers throughout the country must abide by the federal laws that regulate the foreclosure process in Florida. These laws prohibit servicers from any inappropriate practice that violates the rights of the homeowner. Regardless of whether Mr. Cooper has valid grounds to foreclose on your home, it is important to remember that you have legal options. If any of the following have happened to you, our foreclosure defense lawyers may be able to help.

• You are up to date on your mortgage loan payments, but Mr. Cooper is still threatening you with foreclosure.
• Cooper is refusing to review or honor your loan modification application or agreement.
• Cooper has denied you a loan modification even though you qualify.
• Cooper has refused to accept a mortgage reinstatement or payment.
• Cooper has pursued a foreclosure or sheriff sale even though your application for a loan modification is still under review.

It can be very stressful to deal with Mr. Cooper. It is essential that you work with an experienced foreclosure defense lawyer who can guide you through the process and give you the best chance of obtaining a reasonable and fair outcome.

Does Mr. Cooper Have the Right to Foreclose On Your Home?

People often become confused by the terms ‘mortgage lender’ and ‘mortgage servicer’. A mortgage lender is the company that has provided you with the loan. You will apply to a company such as a bank or Mr. Cooper and if your application is approved, they will provide you with the funds to purchase a home. You, in turn, will repay that loan through monthly mortgage payments.

A mortgage servicer, on the other hand, does not necessarily provide loans. Instead, they manage them by collecting mortgage payments and managing the loan. Sometimes, the mortgage lender and the mortgage servicer are the same company, but that is not always the case. Some companies hire third parties to act as the servicer. Mortgage lenders have standing to file a foreclosure lawsuit because they actually own the loan. On the other hand, mortgage servicers do not have anything to lose so, they do not have the right to file a foreclosure lawsuit.

If Mr. Cooper has sent you a Notice of Intent to Foreclose, they may or may not have legal standing to do so. If they are only the servicer of the loan and not the original lender, they do not have legal standing and therefore, do not have the right to foreclose. Even still, if you do not take immediate action, you could still lose your home in as little as six months.

The foreclosure process is time-sensitive in most cases. You should typically communicate with your servicer as soon as possible in order to secure the best results. It is not always easy to know who your mortgage servicer is, though. A lawyer can determine which company owns your loan, and which one is servicing it as well as outline your rights during the foreclosure process.

Your Rights in the Foreclosure Process

As a homeowner, it is extremely distressing to receive notice that your lender is going to foreclose. You may think you do not have options or that there are no laws to protect you. Fortunately, this is not true. You in fact, have many rights even during the foreclosure process. The main ones of these include:

• The right to challenge the foreclosure: It is a sad but true fact that many lenders improperly foreclose on homeowners. For example, a mortgage lender may try to foreclose on your home but they may not be able to prove that they own the loan. Mortgage notes change hands from company to company many times and paperwork can become lost along the way. Your lender must show the note to prove they own the loan. This is just one way you may be able to challenge a foreclosure.
• The right to mediation: Some judges will require a foreclosure case to go through mediation before continuing on with a trial. Mediation has many benefits, including giving you more control over the process. Mediation is intended to bring opposing sides to an agreement that works for everyone, which could even help you save your home.
• The right to counterclaim: If your lender has engaged in unlawful practices, you can file a counterclaim against them. For example, under the Dodd-Frank Act, lenders are prohibited from dual tracking. Dual tracking occurs when a lender proceeds with foreclosure while negotiating or reviewing a homeowner’s loan modification. If your lender has dual-tracked you, it may be possible to file a counterclaim to collect damages.

The above list of homeowners’ rights in foreclosure is not exhaustive. An attorney can review the facts of your case to determine if your rights have been violated and the legal options available to you.

Call Our Foreclosure Defense Lawyer in Fort Lauderdale for a Free Case Review

If Mr. Cooper has taken foreclosure action against you, it is critical that you speak to a Fort Lauderdale foreclosure defense lawyer. At Loan Lawyers, we are dedicated to going up against the big companies and ensuring the rights of homeowners are protected. Call us now at (954) 523-4357 or contact us online to schedule a free review of your case.