3 Situations Where Existing Homeowners May Need A Mortgage Attorney

Law Blog

Attorneys who specialize in real estate and mortgage law often take center stage when buying a home, but you may find yourself in need of their services even if you are already a homeowner. Laws that deal with property and lending can often be complicated, making it especially dangerous for individuals to tackle these legal problems on their own.

Unfortunately, many of the cases where a mortgage lawyer can help are not pleasant. While it's best to avoid these challenges altogether, an attorney can help you to get through these often trying times. Below, you'll find three situations where a mortgage lawyer may be able to help you to keep your home or avoid severe debt.

1. Foreclosure

Foreclosures are an unfortunate reality for many during difficult times. Homeowners find themselves behind on their mortgage payments for any number of reasons, and often, these late payments are entirely unavoidable. If you ever find yourself under threat from foreclosure, an attorney can help you to work with your lender to achieve the best possible outcome.

In addition to fighting on your behalf, a lawyer will be more familiar with the options available to you. Hiring a representative before foreclosure proceedings begin can be even more helpful, since they may be able to help you work out an arrangement with your lender to avoid foreclosure altogether. In a worst-case scenario, your attorney will ensure that your lender treats you fairly through the process.

2. Modification Fraud

Loan modifications have become increasingly common, and loan fraud is a severe threat for people who may be seeking to save their homes with one of these financial products. In this type of fraud, scammers often ask homeowners to sign over property rights or pay fees to modify their loan terms. In reality, the scammer misrepresents their services or provides no benefits at all.

If you find yourself in this situation, an attorney can help. A lawyer experienced with mortgage law can help you to understand if you were the victim of one of these scams. If so, they will be able to offer advice and potential assistance to recover your losses. Contacting an attorney as early as possible is the best way to protect your home and prevent further financial damage.

3. Lender Issues

One surprising form of fraud sometimes originates with mortgage lenders themselves: unauthorized term changes. Mortgage lenders cannot arbitrarily alter the terms of your loan, but some unscrupulous companies may attempt to do so. In these cases, you will need to consult with an attorney to determine if your lender altered your loan illegally and what recourse may be available to you.

Mortgage lawyers are experts in lending law, and they can help you through some of the most challenging times you will face as a homeowner.


2 September 2020

File Chapter 7, and Keep Your Home

Many people assume that when they file Chapter 7 bankruptcy, they will have to give up their homes and other property. This is not necessarily the case. I am a bankruptcy attorney, and I have helped many clients file for Chapter 7 bankruptcy without giving up homes, cars, and other property. When you file for bankruptcy, the property you are allowed to keep depends on your individual circumstances and the state where you live. Most states allow exemption for property you are currently paying for. This blog will guide you through that information and help you determine if filing Chapter 7 bankruptcy is the right choice for you.