Going to Court over a Loan
Whether you're the one filing the lawsuit or not, a lawsuit means something is not going right on the loan. Make sure you find a qualified attorney to represent you in court. There may be a lot of fear and uncertainty if you are served a lawsuit, and you may feel financially threatened. If you are filing the suit, there may be a lot of resentment and frustration. For a borrower that believes the lender has accounted incorrectly on a loan, the suite is the final step in attempting to correct the problem. For a lender being sued by a borrower, the suite is a warning that the lender has not follower their obligation to service or account for the loan properly. For a lender looking for a judgement against a borrower, the suit is the means to secure repayment from a borrower that has severely violated the normal repayment terms of the loan. There are a few things that will definitely result in a loss for the lender. If the loan contract conflicts with local or federal