Shellpoint Mortgage Litigation – How it Works
A shellpoint mortgage lawsuit is a legal case in which the plaintiff’s bank settles for a financial loss. The plaintiff and his or her attorney to represent the client. The case involves an argument that the bank did not follow proper procedures when approving the loan. The plaintiff has a pre-settlement hearing where he or she must prove the financial loss was caused by the bank’s deficiencies. This can be hard for someone who does not understand the intricacies of banking regulations.
- 1 Shellpoint Mortgage Lawsuit
- 1.1 In a typical case, the lender’s counsel will file the complaint and by-line with the court.
Shellpoint Mortgage Lawsuit
This type of lawsuit typically involves the use of an expert witness. At the hearing, the witness will give a legal opinion as to what should have been done in certain circumstances. The shellpoint expert will examine the paperwork that accompanies any loan application. He or she will examine whether the contract was signed correctly and whether the agreement was properly executed on time. The witness may also examine the closing records to determine if the lender did not properly close the deal at the end of the term of the loan. He or she may also examine the income statements to find out how many payments were missed in the event of an audit by the lender.
In a typical case, the lender’s counsel will file the complaint and by-line with the court.
The pre-settlement paperwork should be attached along with all exhibits that support the case. Once the complaint is filed, the parties can go before the judge to determine if they have a case. If there is a case, the lender has to prove it was not foreclosed on before the date of the foreclosure sale.
A shellpoint mortgage lawsuit has to start with the lender denying any wrongdoing.
They then have to prove that the foreclosure was in good faith. This usually means the lender has to show that the homeowner had an option to cure the default. In most cases, this is called a deficiency judgment and will make the lender personally liable for the balance of the loan plus interest.
The second part of the process involves proving negligence.
This usually means the lender must show that the homeowner requested a remedy but was denied. After this, the plaintiff has to prove damages. These could be for property damage, medical bills, pain and suffering, and so on.
There are two main types of shellpoint mortgage lawsuit plaintiffs.
One type consists of the plaintiff, who could be you, and the other is the defendant (lender). If you are the plaintiff and you win the case, you will be compensated for your lost mortgage payment plus interest. If you are the defendant, and you agree to the settlement, you will be responsible for paying off the mortgage balance plus interest. Both parties need to hire their own attorneys.