You have 20 days to file an answer to your foreclosure suit with the Court. A copy should also be sent to the bank’s attorneys. If you do not file an answer, the bank can request that the Clerk issue a default, and then you will lose the right to defend the lawsuit. All well pled allegations against you will be deemed admitted, and you will most likely lose your home.
The most common mistake that desperate homeowners make is to call the bank as soon as they receive the summons and complaint instead of filing a written response with the bank. A phone call to the bank will not protect you. Repeat: A phone call to the bank will not protect you. You must file an answer setting forth reasons why the bank should not be allowed to take your home.
Many people take the approach that they will not defend their foreclosures because they have missed their mortgage payments and they “deserve” to lose their homes. They reach this (often erroneous) conclusion without understanding what their rights are. If the bank made mistakes in the process of originating the loan, during the life of the loan, or during the foreclosure process itself, the borrowers could have valid defenses to the foreclosure. These defenses are extremely technical and hard for inexperienced homeowners to identify.
Once you have been served, you should contact a foreclosure defense attorney within the 20-day period so that you can know what your rights are. You may even discover that you have a defense to the foreclosure that could help compel the bank to enter into a modification agreement with you or settle the case in a way that is beneficial to you and your family.
The first consultation with our firm is free. You have nothing to lose by coming to see us.