Caliber Home Loans Foreclosure Defense Lawyer

Caliber Home Loans, Inc., often referred to as simply Caliber is a nationwide lender that has been doing business since 2008. They are headquartered in Coppell, Texas and the company offers several lending options including a line of non-qualified mortgage products for consumers that do not fall into traditional lending guidelines. In 2022, Caliber was acquired by NewRez. Today, anyone who applies for a new loan with Caliber must deal with NewRez while those who already had a Caliber loan before 2022 will continue to deal with Caliber.

It is important to understand whether your loan is being managed by Caliber or NewRez. As a service, there are different defenses you may have to use against NewRez. However, if your loan is still with Caliber, there are still many different defenses available. Below, our Caliber Home Loans, Inc. foreclosure defense lawyer explains more.

Complaints Against Caliber Home Loans, Inc.

Caliber has an A+ credit rating on the Better Business Bureau website. Still, this does not mean that they always treat customers fairly. The company has had 442 complaints closed in the last three years, and 85 of them were closed in the last 12 months.

Some of these complaints state that Caliber sent homeowners letters saying that a payment was not made to their escrow account. The statements these homeowners had showed that they had made escrow payments. Not only was this a headache for homeowners, but they were then also charged a penalty fee for the company’s mistake.

In other complaints, Caliber was accused of deducting payments from borrowers’ accounts that they no longer own. This often happened after a mortgage was transferred from Caliber to NewRez. The borrowers typically cannot reach Caliber in these cases, and NewRez states that it is an issue with Caliber and not them.

Many homeowners also received letters from Caliber saying that they were delinquent on mortgage loan payments. After speaking to representatives of the company, it was determined that this was an error that affected many borrowers. Unfortunately, this complaint along with those listed above is not uncommon when it comes to Caliber and NewRez. If either company has treated you unfairly, you must speak to a Caliber Home Loans, Inc. foreclosure defense lawyer who can provide the legal advice you need.

Lawsuits Filed Against NewRez

After hearing the many complaints made against Caliber, some borrowers may be relieved to hear that their mortgage loan has been transferred to NewRez. Unfortunately, NewRez has been the subject of many lawsuits for failing to treat customers fairly. Some of the most common allegations made in these legal actions are as follows:

• NewRez engaged in predatory lending practices by appraising properties at a much higher value than those homes were worth.
• NewRez took advantage of customers who were unable to understand the financial details of their case.
• NewRez sent homeowners misleading statements saying that they were in default on their mortgage payments. These customers had worked out a forbearance plan under the Coronavirus Aid, Relief, and Economic Security (CARES) Act.

While the above violations have been outlined in several individual legal actions and class action lawsuits, these allegations have been made against NewRez. Still, Caliber Home Loans, Inc. has been accused of many of the same types of actions. Fortunately, whether NewRez or Caliber Home Loans is taking legal action against you, there may be defenses available.

How to Defend Against Caliber and NewRez Foreclosure Actions

There are many valid defenses to foreclosure in Florida. These include:

• Loan modification: You can apply for a loan modification directly through Caliber or NewRez. When you apply, these companies are required to review your application in good faith. While your application is under review or after a company has approved it, they are prohibited from moving forward with a foreclosure against you.
• A lack of standing: Both Caliber and NewRez have purchased bundles of mortgage payments from other financial institutions. During these transactions, important documents change hands several times. If either company cannot produce your mortgage note, they cannot prove that they own the home loan. In these situations, you can argue that the lender or servicer does not have standing. Essentially, this means they have no reason to file a lawsuit because they do not stand to win or lose from it. While the lender or servicer may correct this situation, it can also give you enough time to bring your mortgage current.
• Deed-in-lieu of foreclosure: The defense of a deed-in-lieu of foreclosure requires you to give the lender or servicer the deed to your home in exchange for preventing a foreclosure action. This defense does not allow a homeowner to keep their property, but it can keep a foreclosure action off of your credit record.
• Bankruptcy: Filing either Chapter 7 or Chapter 13 bankruptcy can help you save your home. Fighting foreclosure using Chapter 13 is usually the better option. A Chapter 7 bankruptcy allows you to protect 100 percent of the equity in your home. During a Chapter 13 bankruptcy, you can spread your delinquent payments across a period of three to five years, giving you more time to catch up on payments. In any bankruptcy case, a judge will issue an automatic stay. This prohibits lenders and servicers from proceeding with foreclosure actions and sales.

It is not always easy to determine which defense is best in your foreclosure case. A Caliber Home Loans, Inc. foreclosure defense lawyer can help you determine which strategy is best to use in your case.

Call Our Caliber Home Loans, Inc. Foreclosure Defense Lawyer in Fort Lauderdale Today

If you are in fear of losing your home, you need legal advice. At Loan Lawyers, our Fort Lauderdale foreclosure defense lawyer can review the facts of your case and build a strong case that will give you the best chance of keeping your home. Call our Florida foreclosure defense lawyer today at (954) 523-4357 or contact us online to request a free consultation and to learn more