In order to determine the likelihood of “winning”, it is first necessary to define what it means to “win”. There are three types of benefits that may be gained through a suit against your lender, and each could be defined as “winning”.
The first way in which many people seek to “win” is by trying a case in court in which a ruling in their favor is given by the judge. Some have found their mortgage completely thrown out. Others have seen judges bar the lender from foreclosing. Others have seen the lenders sanctioned in some other way. While these examples are increasingly more common, the percentage of cases that result in this type of “win” are still very small.
The second, and much more likely, way in which people “win” a law suit against their lender is that they reach a settlement with the lender. When lenders are faced with a law suit that will cost them a lot of money to fight, and that they may lose, they are often willing to come to some sort of arrangement or settlement with the client. Settlements have included greatly reduced lump-sum payoffs, new loans with the bank with a reduced principle, interest rate, and term, loan modifications, short sale approvals, elimination of deficiency judgements, removal of negative trade line reports (credit repair), and more. In the vast majority of cases that we handle, the primary outcome that is sought for is this type of settlement. While there are no guarantees, the percentage of cases that are “won” in this manner is high.
The last way in which people “win” is in the extension of the time they have in their property. Some of our clients come to us in foreclosure and with short time periods before their home is sold by the lender. The filing of a suit on their behalf can stop the sale and buy a lot of time while the law suit is carried out. While we always seek for a better settlement, there are some cases in which we do not achieve one, but in the process of suing, the client is able to stay in their home for much longer than they originally would have.
Obviously, we cannot promise that you will win a case against your lender, but we can tell you that most of our clients “win” in one of the three ways we have described above. Of course, we don’t know if a case should be filed on your behalf until we have a chance to hear your story and review your situation. To schedule an initial consultation, click the link below:To set up a free consultation, click here.