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Paperwork mistakes could lead to a wrongful foreclosure

Imagine getting a foreclosure notice in the mail when you've spent years or even decades faithfully paying off that loan. You know that your payments are up to date. You've never missed one in your life. And now you're worried that you could lose your home and your entire investment anyway.

The reason for the issue could be very simple: mistakes with your paperwork. After all, experts note that "botched documents" are one of the main reasons for wrongful home repossessions.

Those mistakes could be made accidentally. Perhaps your payments accidentally got applied to the wrong loan, for instance, making it appear that you're not paying at all when your money is still leaving your bank account. Perhaps the paperwork lists your address for the foreclosure when it's actually the neighbors' house.

Or, those "botched documents" may be intentionally misleading. There have been cases where employees claim they were told to sabotage loan modifications, leading to foreclosure. At least one homeowner says that she lost her house this way, though she'd never intentionally missed a payment, and she could never move back in because the bank sold her house to someone else.

The feeling of helplessness during this process can be overwhelming. You really feel like there is nothing you can do, especially when squaring off with billion-dollar banking institutions.

The good news is that you do have options and you can work to protect yourself from a wrongful foreclosure. Make sure you understand all the options you have and what steps you'll need to take moving forward. You can protect your family's home.

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