SunTrust Lawsuit – You Could Be In Violation Of Loan Agreement
SunTrust lawsuit Direct lenders like SunTrust try to limit the damage that could accrue in foreclosure. If you go through a SunTrust foreclosure, you must be prepared for the possibility of an attorney handling your case. You may be able to limit your losses with a SunTrust lawsuit. It is in your best interest to talk with an attorney that specializes in this type of case. They can inform you of your chances and help you decide whether or not to take advantage of those chances.
The details of the lawsuit vary according to the state in which the property is lost. In some states there are automatic stay provisions, which give the bank legal protection from any lawsuits being filed. In other states a private plaintiff’s lawsuit may be filed, but the specifics will vary.
The lawsuit process begins after you are given the notice of default by your lender.
A certified letter of lien will be provided to the recipient of the loan. The person or entity on whose property it is issued will be instructed to begin the lawsuit process. The lawsuit may proceed in one of two ways; it can be a civil suit or a criminal action. If it is a civil suit, the bank must prove in court that you are liable for the debt. They must also provide proof that the process of sale would violate the law.
SunTrust may be required to turn over the deed of the property to the lender, so the process will be started in court.
If the trustee does not do this voluntarily, then the process will continue in probate. The person or entity being sued will have to prove their identity and employment status. The documents related to the loan that were used to acquire the property must be turned over to the party responsible for collection. This can happen as part of the discovery process.
When this happens, the process may move very quickly.
There are a lot of back and forth in the collection process and there can be many delays in getting the lawsuits filed. The actual lawsuit may start any time after the lender agrees to release the loan. The actual date of the lawsuit can start up after the lender agrees to release the loan, or it may start after the lawsuit has been filed. If it is a civil suit, then the lawsuit must be filed within three years of the date of the loan.
The lawsuit may be settled out of court if a confidentiality agreement is signed. A confidentiality agreement is a standard in all loan transactions. SunTrust does have policies in place to make sure that loans are handled properly. If you are dealing with this type of situation, consult with an experienced SunTrust attorney to review your case.