Freedom Mortgage Foreclosure Defense

Freedom Mortgage is a mortgage lender based in Boca Raton, Florida, but they provide home loans to Americans throughout the country. The lender provides many different types of loans from the Federal Housing Administration (FHA), the U.S. Department of Agriculture (USDA), and the U.S. Department of Veterans Affairs (VA).

For many people, the biggest drawback to Freedom Mortgage loans is that the company does not disclose its mortgage rates or terms online. For others, though, the concerns run much deeper. Freedom Mortgage is one of many lenders that have been the subject of complaints due to unfair practices to homeowners.

Freedom Mortgage is Largely a Loan Servicer

There are many different types of companies that offer and manage home loans. When a company provides a loan for someone to purchase property, they are the owner of the loan. Still, many of these companies hire third-party ‘mortgage servicers’ to manage the loan. Mortgage servicers receive payments from homeowners, notify homeowners that they are in default, and more.

Freedom Mortgage is both a mortgage lender and mortgage servicer. This means that while the company offers and services its own home loan, it also services mortgage loans offered by other companies.

The difference between a mortgage lender and a mortgage servicer is an important one, particularly if you have received a Notice of Intent to Foreclose from Freedom Mortgage. If Freedom only services your loan but does not own it, they do not have the legal right to foreclose on your home and force you to vacate it. Still, even if Freedom Mortgage does not own your loan, you may still lose the home if you fail to respond within a certain period of time.

It is for this reason that you should always speak to a Fort Lauderdale foreclosure defense lawyer any time you receive notice of default or foreclosure. You may have legal options that could help you keep your home.

Options Freedom Mortgage Provides

Like many mortgage lenders and servicers, Freedom Mortgage outlines many options for homeowners who are having trouble paying their mortgage. The company claims that they have loss mitigation options depending on your own personal situation. You must provide all required documentation and information so Freedom Mortgage can determine if you are eligible for temporary or long-term relief. The loss mitigation options include loan modification, refinance, forbearance, and repayment. The company also has options that will allow you to avoid foreclosure, but will still require you to vacate your home. These are mainly deed-in-lieu of foreclosure or a short sale.

During the loss mitigation process with Freedom Mortgage, you may be required to submit the following information:

• A hardship letter outlining the job loss or illness that is preventing you from paying mortgage payments,
• Your financial report,
• IRS Form 4506-T, which confirms your tax information,
• Information from savings and checking accounts for the previous two months
• Current tax returns
• Information about other household income
• Payments from court orders such as child support or alimony

The above list may not be exhaustive, depending on your own personal circumstances. Still, while Freedom Mortgage may claim that they are happy to help homeowners who are struggling to pay their mortgage, that is not always the case. Freedom Mortgage has had complaints against them for unfair practices that violate the rights of homeowners.

Defenses to Freedom Mortgage Foreclosure

If you have received a notice of default or a notice of foreclosure, you may think you are out of options. Fortunately, that is not true. There are many legal options for homeowners who are facing foreclosure. The most common of these are as follows:

• Predatory lending practices: State and federal law prohibits mortgage lenders and servicers from predatory lending practices. These can include forging signatures, hiding terms, or failing to properly disclose certain information. Excessive interest rates and fees are another form of predatory lending practices but even these are not the only illegal actions a lender or servicer may take.
• Lack of standing: A lack of standing means that Freedom Mortgage does not have the legal right to foreclose on a property. To have standing, one party must have something to lose if the situation is not made right. If Freedom Mortgage only services your loan, but they do not own it, they have nothing to lose and so, they do not have standing.
• Expired statute of limitations: In Florida, mortgage lenders and servicers have only five years from the day of default to file a foreclosure lawsuit. It is important to note, though, that the date of default begins on the day of the last missed payment. For most homeowners, this means that the statute of limitations has occurred within the past four months, as that is the legally required amount of time lenders must wait to start foreclosure proceedings.
• Improper procedures followed: Mortgage lenders and servicers must all follow certain procedures when they want to foreclose on a property. For example, lenders must provide a notice of foreclosure. This is also known as a breach letter. The breach letter must inform you that you have defaulted on your mortgage payments, outline your options for bringing your mortgage loan up to date, and give you at least 30 days to bring your loan current.

The above defenses are just a few of the most common defenses used in foreclosure cases. A Fort Lauderdale foreclosure defense lawyer can review the facts of your case and determine which strategy will give you the best chance of a favorable outcome.

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

If you have received a notice of default or notice of foreclosure from Freedom Mortgage, you need sound legal advice from a Fort Lauderdale foreclosure defense lawyer. At Loan Lawyers, our attorneys have the necessary experience to go up against the biggest lenders and servicers so you have the best chance of avoiding foreclosure. Call us now at (954) 523-4357 or contact us online to schedule a free consultation with one of our experienced attorneys and to learn more about how we can help.