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Published on Mar 7, 2009
If you have failed to answer, or are considering not to answer, a mortgage foreclosure complaint and plan to let your property go by default, you should look at this video. It may help you decide what to do. There are major benefits to be obtained in defending a mortgage foreclosure action, especially when the defense is timely. The longer you wait to try to defend, the harder and more costly it is to obtain the available benefits. The benefits include continuing to live in your home or rent your property for perhaps 12 to 24 months without paying the mortgage; having enough money as a result to hire a lawyer to defend and to have money with which to settle the action with a modification agreement, if possible, and a delay enabling you to sell the property other than by distress if you cant settle the foreclosure action. A timely defense is usually inexpensive. The lender, by reason of your defense, may incur unexpected costs of litigation equal to 40%-50% of the outstanding principal amount, lose interest during the delay, and be held back in achieving a strengthened balance sheet.der.