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Who to Call in Foreclosure

Mr. Soliman graduated from the California State University of Northridge with a Bachelor of Arts Degree in business management studies where he received Departmental Honors. He attended the University of California Los Angeles Business Management School named after his employer and mentor John Anderson.

Mr. Soliman has extensive financing, accounting, bankruptcy and foreclosure analysis experience. He has served in case development roles as a specialist to counsel and as an expert witness. He also is very experienced in all facets of the business of residential and commercial "secondary" mortgage lending.

Mr. Soliman offers attorneys expert services in the areas of lender liability defense, foreclosure liability defense, loan servicing disputes, title disputes, debt collection and other commercial litigation.

Foreclosures, shortpay,borrowers

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Foreclosure Information

Regulatory compliance refers to Government agency departments to ensure that mortgage lenders are aware of and take steps to comply with all relevant laws and lending regulations

The purpose of TILA is to promote the informed use of consumer credit by requiring disclosures about its terms, cost to standardize the manner in which costs associated with borrowing are calculated and disclosed. TILA also gives consumers the right to cancel certain credit transactions that involve a lien on a consumer's principal dwelling, regulates certain credit card practices, and provides a means for fair and timely resolution of credit billing disputes.

The Equal Credit Opportunity Act (ECOA) is a United States law (codified at 15 U.S.C. § 1691 et seq.), enacted in 1974, that makes it unlawful for any creditor to discriminate against any applicant, with respect to any aspect of a credit transaction, on the basis of race, color, religion, national origin, sex, marital status, or age (provided the applicant has the capacity to contract); to the fact that all or part of the applicant's income derives from a public assistance program; or to the fact that the applicant has in good faith exercised any right under the Consumer Credit Protection Act. The law applies to any person who, in the ordinary course of business, regularly participates in a credit decision, including banks, retailers, bankcard companies, finance companies, and credit unions.

Mortgage fraud is a term used to describe a broad variety of civil and criminal actions where the lenders intent is to allow a borrower to materially misrepresent or omit information on a mortgage loan application in order to obtain a loan or to provide a larger loan than would have been obtained had the lender relied on the truth.

The Real Estate Settlement Procedures Act, (known as "RESPA"), was an Act passed by the United States Congress in 1974. It is codified at Title 12, Chapter 27 of the United States Code, 12 U.S.C. § 2601–2617.

The Truth in Lending Act (TILA) of 1968 is a United States federal law designed to protect consumers in credit transactions by requiring clear disclosure of key terms of the lending arrangement and all costs. The statute is contained in title I of the Consumer Credit Protection Act, as amended (15 USC 1601 et seq.). The regulations implementing the statute, which are known as "Regulation Z", are codified at 12 CFR Part 226. Most of the specific requirements imposed by TILA are found in Regulation Z, so a reference to the requirements of TILA usually refers to the requirements contained in Regulation Z as well as the statute itself.

Taking Action: If the borrower believes there is an error in the mortgage account, he or she can make a "qualified written request" to the loan servicer. The request must be in writing, identify the borrower by name and account, and include a statement of reasons why the borrower believes the account is in error. The request should include the words "qualified written request". It cannot be written on the payment coupon, but must be on a separate piece of paper. The Department of Housing and Urban Development provides a sample letter.

Borrower Remedies: The servicer must acknowledge receipt of the request within 20 days. The servicer then has 60 days (from the request) to take action on the request. The servicer has to either provide a written notification that the error has been corrected, or provide a written explanation as to why the servicer believes the account is correct. Either way, the servicer has to provide the name and telephone number of a person with whom the borrower can discuss the matter. The servicer cannot provide information to any credit agency regarding any overdue payment during the 60 day period.

Penalties: If the servicer fails to comply with the "qualified written request", the borrower is entitled to actual damages, up to $1000 of additional damages if there is a pattern of noncompliance, costs and attorneys fees.

 

 

 

Wisconsin Overview

 

Wisconsin Overview

 
 

Judicial	Non-Judicial	Process Period	Sale Publication	Redemption Period	Sale/NTS
Yes	Yes	290 Days	NA	365 Days	Sheriff
Comments:Judicial Foreclosures are more common

 
 

 

Pre-foreclosure Period

A Wisconsin foreclosure begins when the lender files the appropriate documents with the court. The lender must deliver a notice of the court filing to the borrower and other parties with an interest in the property, in order for a lender to obtain a foreclosure ruling from the court. The court may order in its ruling that all sums paid by the lender for insurance, repairs, and taxes be added to the amount owed.

Based on precedent in Wisconsin, the lender customarily warns the borrower that they intend to foreclose on the property before filing with the court.

Once the court has issued a judgment of foreclosure, the borrower has a reinstatement period to stop the foreclosure by paying off the amount owed. The reinstatement period varies widely based on the mortgage date and terms, parcel size, and occupancy status. Abandoned properties have a two-month redemption period, while most other properties have 6-12 months. 

How To: Buying a home in foreclosure

Notice of Sale / Auction

The local sheriff gives notice of the time and place of sale either according to the law or as instructed in the court's ruling. In most cases, the foreclosure sale cannot occur until after the owner's reinstatement period is completed. The notice of sale is published within that 12-month period, although the first publication has to be at least 10 months after the date the court's ruling is entered. The parties may consent to an earlier sale.

The sheriff conducts the foreclosure sale, and any party with 10 percent of their maximum bid at the sale may bid. The 10 percent amount must be payable to the county sheriff. Within 10 days, the sheriff files a report of the sale and deposits the proceeds with the clerk of the court. Upon confirmation of sale, the clerk pays the parties entitled to the sale proceeds and delivers the deed transferring ownership to the highest bidder, who must pay the balance of the sale price. If the buyer fails to pay the balance of the sale price within 10 days after the confirmation of sale, the deposit is forfeited, paid to the entitled parties, and a resale is held. If the court does not confirm the sale, the clerk refunds the buyer's deposit and a resale occurs.

In the case of a surplus, other affected lien holders may file a notice with the clerk of the court, and the court determines who is entitled to any or part of the surplus.

If the property sells for less than the default amount and sale costs, the sale will not be confirmed and no judgment for deficiency rendered until the court is satisfied that the fair value of the property has been credited on the mortgage debt, interest and costs.