Falling on hard times is no excuse for banks to ignore mortgage laws.
Columbus, OH (PRWEB) November 20, 2010
After spending years working in the mortgage industry, Attorney Troy Doucet is pleased to announce the opening of his law firm that is dedicated to helping those facing foreclosure. Mr. Doucet’s involvement in the mortgage industry, including owning a mortgage company, offers his clients an insider’s perspective on lending. Doucet’s life experiences also bring his clients one additional perspective: what it feels like to experience foreclosure. In 2006, the bank foreclosed on his home.
Mr. Doucet began working in the mortgage industry in 2000, opening a mortgage company shortly thereafter. Doucet built that company, Cornerstone Home Finance, away from subprime mortgages, and he worked hard to eliminate surprises at loan closing. In 2004, Doucet was featured in Broker magazine for proposing the mortgage industry eliminate junk fees. Doucet’s company’s grew quickly, but that growth ultimately caused it to collapse, forcing Doucet into bankruptcy and costing him his home. He started law school after that experience.
Mr. Doucet says homeowners should not assume foreclosure is a foregone conclusion because multiple defenses are available. “Falling on hard times is no excuse for banks to ignore mortgage laws,” he says. A homeowner’s loan could contain substantial violations of federal law, and they may never know it without the help of a knowledgeable attorney. For example, the Truth in Lending Act (a federal law that applies in every state) requires the lender provide specific disclosures to homeowners at the time that the loan closed, or face significant consequences. Failing to provide two copies of the “Notice of Right to Cancel” per borrower, for example, can give the homeowner the right to cancel the entire loan transaction up to three years after closing and obtain refund of nearly all payments made. To qualify, the loan must have been used to refinance the homeowner’s primary residence.
Mr. Doucet recommends all homeowners facing foreclosure do a few things to protect themselves:
1. Keep all loan closing documents together and in one secure place.
2. Store all correspondence from the lender, especially letters claiming the loan is in default.
3. Maintain a detailed call log of all conversations with anyone about the loan.
4. Do not assume the company foreclosing is the true owner of the loan.
5. Contact an attorney as soon as possible, especially if your loan is a refinance nearing its 3-year anniversary.
Rather than continue in the mortgage industry after his business closed, Doucet looked towards changing careers. He started law school in 2007 and worked as a freelance mortgage consultant to attorneys nationwide until his recent graduation from Capital University Law School, magna cum laude. In 2008, he published a book about defending foreclosure called, 23 Legal Defenses to Foreclosure: How to Beat the Bank, and published a second book in 2009 that integrated changes to the Truth in Lending Act. He held a foreclosure audit training seminar in Washington, D.C. for a team of attorneys, and regularly communicates with foreclosure defense attorneys nationwide who practice in foreclosure defense.
Troy Doucet practices in foreclosure defense and consumer litigation in the Columbus, Ohio region and can be reached at (614) 944-5219.