Many homes have been foreclosed unfairly; you don’t have to let history repeat itself through you. If your lender is initiating a foreclosure process on your home and you notice any unfairness with the process, you can stop foreclosure using the RESPA letter. However, your lender is not authorized to initiate foreclosure unless you’ve missed several months of payment. However, there are various reasons aside from financial difficulties that can make a homeowner default on making payment on their loan. Some homeowners can stop making payment due to some errors they noticed on their account and perhaps awaiting their lender’s reply to receive a foreclosure notice.

Under federal law, the Real Estate Settlement Procedures Act, also known as RESPA, demands that your lender must answer any questions you have regarding buying real estate and the state of your account. Therefore, if you notice some errors in your loan statement or want to be clear about something very important, you can ask your lender, and they are mandated to reply to you. You must make this request through a Qualified Written Request (QWR). You must provide detailed information about your loan account and the error or findings you want to an inquiry from your lender in your letter.

Under the RESPA, your lender must acknowledge your letter within five days and send an adequate reply to your request with 30 business days. If your lender fails to comply, you can sue them and get hundreds of dollars as damage payment. However, if you want to use the RESPA letter to stop foreclosure, the complaint lodged must directly or indirectly affect foreclosure. Therefore, the foreclosure process will be paused to review the issue, and if your lender is found guilty, the foreclosure process will be stopped.

Contact your lawyer to find out how to go about the process effective and also to help you review your letter.