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Challenging the bank's lending policies and practices is certainly possible, but it is a very long process.....and it may not prevent you from being foreclosed. The best option is to file chapter 13 bankruptcy and establish a repayment plan to pay off the arrearage and current amounts until completion.
You could also sue the lender for consumer fraud or violations of other banking statutes and ask the court to enter a stay stopping any foreclosure until/unless the case is resolved......but courts don't have to grant that. So, a bankruptcy filing is the better option.
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