Real Estate Settlement Procedures Act Legal Guidelines

One of the biggest financial investments an individual will make involves real estate. Transactions between real estate buyers, sellers and financiers often involve many parties, including banks and loan owners as well as mortgage companies and loan servicers.

These loan or mortgage servicers are responsible for collecting mortgage payments, tracking loan balance information and pursuing debt collection or foreclosure when a loan has gone into default. Such organizations can easily make mistakes. They may lose track of a borrower's payment or account information or may wrongfully pursue foreclosure against a homeowner.

If your real estate investment is in jeopardy, contact the Birmingham litigation attorneys at Johnstone Carroll, LLC. We can help you understand your rights as a borrower and how to pursue action according to the Real Estate Settlement Procedures Act (RESPA) guidelines.

Nonjudicial Foreclosure And Obtaining Information About Your Mortgage

The Real Estate Settlement Procedures Act (RESPA) outlines the manner in which information is exchanged between borrowers and lenders in real estate transactions. RESPA ensures that a borrower can request information about his or her account and have errors corrected in a timely manner.

Requests for information or corrections are made through a "qualified written request." These requests must provide pertinent name and account information, what errors you seek to have corrected and what information you are requesting from the loan servicer.

Submitting a qualified written request is one of the most effective ways to get information about your account when you are in a nonjudicial foreclosure. If a loan servicer commits RESPA violations by failing to respond to your request or provide information in a timely manner, you may be able to seek damages for the servicer's noncompliance.

Johnstone Carroll, LLC, Will Provide The Guidance You Need

It is best to work with a lawyer through this process to make sure your requests for information are thorough prior to submission and that your rights under RESPA are upheld.

Contact our office in Homewood, Alabama, to arrange a consultation and discuss your options. Our attorneys are known for providing the personalized service and experienced counsel that get results regarding consumer rights violations as they relate to real estate. We can be reached online or by telephone at 205-383-1809.