Mortgage litigation is the act of presenting a mortgage dispute in court before a judge. Mortgage litigation is often the last resort for struggling loan borrowers before foreclosure and is often the result of failed or gridlocked negotiation attempts. Many will argue that the mortgage litigation fees are not worth the effort in court, but for the individual trying to save their property from foreclosure, the fees pale in comparison to the potential consequences of foreclosure.
The litigation process will involve some time and some money, there’s just no way to get around it. Mortgage litigation fees include the time of the attorney in court, the preparation and filing of legal documents, the collection and review of evidence, and a mortgage loan audit (if applicable). Some will try to tell borrowers that they can successful litigate their cases by themselves, saving a pretty penny in attorney fees. While it is true that it is legal for a borrower to represent themselves in court, and while it is true that many a laymen have represented themselves in court, the simple fact of the matter is that the odds are always going to be stacked unfairly against the non-attorney trying to act like an attorney in court.
You might think that it would be harsh to call a person who decides to represent themselves a fool. You would be right. These words are harsh. But if the fact that a major corporation is doing everything in their power to remove you from your home hasn’t shown you that the world is a harsh place, perhaps you need a lesson in the way of the world. No amount of television court room dramas and no amount of Internet research will prepare you to try your own case in court unless you are an experienced attorney. You could learn as you go, but first attempts to do anything are often wrought with mistakes and failure. That’s how we learn.
The problem is that you only have one real chance to save your home from foreclosure in court, and even though you might learn from your mistakes, what good is learning from a mistake if your learning experience makes you homeless?
Individuals facing foreclosure should understand that many lawyers who represent financially struggling clients allow their clients to pay off their legal debt over time. If a foreclosure attorney only represented people with loads of money in their bank accounts, that attorney would probably see little business, since people with loads of money in their bank accounts usually don’t face foreclosure.
Borrowers facing foreclosure must also put their mortgage litigation fees in perspective. If a few thousand dollars is all it takes in litigation fees to hire a professional with a proven track record of success to save a home from foreclosure, it would seem that the few thousand dollars would be quite a fair investment.
If a person refuses to pay the mortgage litigation fees in order to save money and loses in court, they would be required to pay for the cost of a foreclosure, which includes moving expenses, a lower credit score, the inability to procure another mortgage anytime in the near future, and any other fees / expenses that may have been awarded by the trial judge to the lender.