how to retain a lawyer for a mortgage scheme center

How does a lawyer help with a new mortgage?

Direction to the lender instructing where the money being loaned must go (eg, to pay creditors, if applicable, or in full to your lawyer’s trust account) It’s also your lawyer’s job to ensure that any outstanding mortgages are paid out using the money included in the new mortgage and then discharged from the title to your property.

Do I need an attorney at a mortgage closing?

Depending on your state’s laws, you may not be required to have an attorney at the closing. However, you can choose to have an attorney review your documents before closing . Technically, unless you hire an attorney to represent you at closing, no one else participating in the closing exclusively represents your interests.

Do I need a lawyer for a refinancing scheme?

One situation where you may want the services of a lawyer is if you suspect you're being targeted by a refinancing scheme. Such schemes prey upon homeowners facing foreclosure. They generally come in the form of unsolicited phone calls or mailers that offer a reduced interest rate.

Can a mortgage fraud attorney help you save your home?

Our mortgage fraud attorney can help to save your home. The Consultation is FREE! Has this happened to you? Your lender lied to you about stopping foreclosure while you were being reviewed for a modification.

Understanding Mortgage Modifications

Before you can figure out if you should hire an attorney to help you with a mortgage modification, you must first understand the basics about modif...

When You Should Consider Hiring An Attorney to Help With Your Mortgage Modification

Below are some situations where you should consider hiring, or at least consulting with, an attorney.

When You Might Not Need An Attorney to Help With A Mortgage Modification

The following are a few situations where you probably don’t need to hire an attorney to assist with the modification process.

How much does a real estate attorney charge to attend closing?

Usually, buyers pay the fee charged by attorneys. That fee varies, but sources quoted for this story said that real estate attorneys will charge $500 to $1,800 to attend closings, depending on how complicated a real estate transaction is.

Why are title representatives at closing table?

They're not. Title representatives are at the closing table to protect the interests of the bank or lender providing the mortgage.

What is the job of a home buyer?

When hired by a buyer, their job is to study the paperwork that the buyers are signing to make sure that these documents are correct. "Most home buyers do not deal with contracts on a regular basis, and a home sale often involves a significant amount of money," Davis said.

Why are attorneys helpful?

Attorneys are especially helpful if there is something unusual about the real estate transaction , Davis said. Maybe there are existing tenants on the property that buyers are purchasing. Maybe the sale involves a complicated financing structure. Maybe there's even a pending lawsuit involving the property.

Do you need a real estate attorney at closing?

Not all real estate professionals, though, agree that buyers always need a real estate attorney at the closing table. In some cases, they say, hiring one is a waste of money.

Do you need an attorney for a closing?

And most real estate agents we spoke to for this story agreed. But not all of them. Some said that an attorney was only needed for unusual closings, such as when buyers are purchasing a property that is involved in a lawsuit .

Is it time to close a mortgage?

It's time to close your mortgage loan. Expect a crowded room at closing day. You'll be there, of course, and most likely so will your home's seller. Your real estate agent, the seller's agent, the representative from the title company and a loan officer from your mortgage lender should all be there. But should there be at least one other person ...

What is a lawyer for a mortgage?

Your lawyer is invaluable as he/she understands the way lenders draft mortgage documents and what to look for from a legal standpoint to ensure your best interests always remain top of mind. Your lawyer will review: Specifics surrounding your mortgage loan; Security you’re providing to the bank in exchange for the loan; Lender’s standard charge/mortgage terms (including what recourse the lender can take if you fail to make your mortgage payments or other payments, such as property taxes, on time); and What’s currently listed on the home’s title.

Who reviews the fine print of a mortgage agreement?

But when it comes time to sign, it’s your real estate lawyer who will review the fine print and final details with you before you enter into the binding agreement.

Why is it important to buy a house?

Buying a home is likely the largest financial commitment you’ll make throughout your lifetime. That’s why it’s so important to do everything in your power to make an informed purchase every time you buy property. Ensuring the proper financing process is followed and that you fully understand your obligations as a borrower are keys to your success.

Benefits of using a lawyer for a loan modification

While there are some things to be cautious about, using an attorney for a loan modification also has many benefits.

Find a lawyer

You can contact a non-for profit law firm in your state to both find a local attorney who can help with the mortgage modification, and to also ensure the firm is legit. Find a lawyer, and also discuss additional foreclosure prevention tactics. Learn more about free non-profit law firms.

Loan modification process for an attorney

While each firm and state may have a slightly different process, in general lawyers typically charge homeowners anywhere from $1,500 to $2,000 for a loan modification. However, as indicated above they operate to a higher standard, so many will be reluctant to accept clients who have lost their jobs.

What are the legal issues with a mortgage lender?

As noted above, numerous legal issues can arise when dealing with a mortgage lender, most commonly due to a breach of the loan agreement. A loan agreement is similar to any other contract; this means all breach of contract reme dies are available, should a party breach the contract. Common examples of legal issues that may arise when dealing ...

What are some examples of legal issues that arise when dealing with a mortgage lender?

Common examples of legal issues that may arise when dealing with a mortgage lender include, but are not limited to the following: Foreclosure: The most common legal issue that arises between a mortgagor and mortgagee is when the mortgagor is behind on making payments on the mortgage, which leads to foreclosure .

What does a real estate agent do?

Finally, a real estate agent will also be involved in helping the borrower find a property to purchase, as well as work with the mortgage lender and broker. As can be seen, with so many parties involved in the purchase of a home, it is not difficult to see why legal disputes often arise.

What is the role of a mortgage broker?

The broker’s role is to assist the borrower by researching multiple loan options from many lenders and helping them find the best loan for them.

What does a mortgagor do with a loan?

In exchange for the borrowed money, the mortgagor pledges the purchased home as security for the loan, often in the form of a real estate lien against the home . The mortgagor then makes payments to the lender in order to satisfy the terms of the loan that was made and pay off the lien. Once all of the obligations of the loan are fulfilled, the title to the home then transfers to the borrower.

What is foreclosure in mortgage?

In short, foreclosure is the process where the lender takes the borrower’s property and sells the property at a public auction in order to satisfy the borrower’s debts; Mortgage Fraud: Mortgage fraud occurs when false or incorrect information is provided on a loan application.

What is a mortgage lender?

A mortgage lender, also known as a “mortgagee,” is a person, group of persons, or a company, that provides money to a borrower, also known as a “mortgagor,” to purchase a home. Typically, mortgage lenders are financial institutions, such as a bank or mortgage company. However, there are some individual mortgage lenders.

What to do if you are a victim of mortgage fraud?

If you believe that you are a victim of mortgage fraud, you should immediately call our office and speak with our experienced mortgage fraud lawyer to determine your best options to fight foreclosure. During the consultation, our mortgage fraud attorneys will review the following:

How to determine if a mortgage lender has committed fraud?

Evaluate your loan history and payments to determine if the lender has committed fraud by miscalculating the mortgage payments.

What happens if you fall behind on your mortgage payments?

You fell behind on mortgage payments and your lender is giving you misleading information about your options to save your home. You have applied for a loan modification and your lender is sending you foreclosure notices at the same time. Your lender lied to you about stopping foreclosure while you were being reviewed for a modification.

What is predatory mortgage?

Predatory mortgage lending occurs during the origination of the loan. Predatory lending examples are loans with high-interest rates, negative amortization loan structures where the principal balance remains high despite payments made towards it, and loans given to the elderly or foreign speakers who do not understand the terms of the loan. Many more predatory lending examples exist and our mortgage attorney is your best resource for identifying a predatory loan.

What is foreclosure fraud?

We often find that foreclosure fraud occurs when lenders violate the law by creating unconscionable loan terms. Mortgage litigation empowers the homeowner to take the lender to court. The homeowner can no longer be ignored or strung along until the lender decides to foreclose.

How to complain about a mortgage closing?

If you’re having issues with your mortgage, you can also submit a complaint to the CFPB online or by calling (855) 411-CFPB (2372).

Do I need an attorney to close a mortgage?

Do I need an attorney or anyone else to represent me when closing on a mortgage? It depends. Depending on your state’s laws, you may not be required to have an attorney at the closing. However, you can choose to have an attorney review your documents before closing. Technically, unless you hire an attorney to represent you at closing, ...

Can an attorney represent you at a closing?

Technically, unless you hire an attorney to represent you at closing, no one else participating in the closing exclusively represents your interests. It’s important to understand that other attorneys present at the closing – for example, the lender’s or seller’s attorney – do not represent you. These people may not be able to answer your questions ...

How to refinance a mortgage without an attorney?

When you refinance without an attorney, the first step is to examine your current mortgage. Determine whether it includes a prepayment penalty and figure out what your interest rate is . If you have an adjustable-rate mortgage, determine how close you are to the maximum interest rate and how soon your lender could raise your rates. The next step is comparing new mortgages, which is very much like the process of shopping for your original mortgage. Because refinancing is so similar to getting a mortgage, you're even more likely to be able to move through the steps without an attorney's assistance.

How does refinancing your mortgage save money?

Refinancing your mortgage can be one of the best ways to save money. Refinancing can replace your current home loan with one that has a lower or fixed interest rate or a longer payment period that reduces your monthly bill. Refinancing has its complexities, but most homeowners don't need the services of an attorney to navigate the process.

Is there a scam with refinancing?

They generally come in the form of unsolicited phone calls or mailers that offer a reduced interest rate. Refinancing scams usually require an upfront fee or don't explain the costs and fees associated with refinancing.

Is refinancing a mortgage free?

The refinancing process still isn't free; lenders charge fees when you sign up for a new loan, and your old mortgage may have a prepayment penalty that you'll need to pay when you transition from your old mortgage to the new loan. If you choose to employ a mortgage broker, you'll need to pay a commission fee as well.

Can a lawyer help with a refinance?

One situation where you may want the services of a lawyer is if you suspect you're being targeted by a refinancing scheme. Such schemes prey upon homeowners facing foreclosure. They generally come in the form of unsolicited phone calls or mailers that offer a reduced interest rate. Refinancing scams usually require an upfront fee or don't explain the costs and fees associated with refinancing. An attorney with experience in real estate law can help you examine a refinancing offer and determine its legitimacy, saving you from an offer that will charge fees but never offer any real relief.

How to get help with property reassessment?

If you need help with applying for property reassessment, make sure that the company you deal with is reputable. C heck out the company's reviews online to learn if it’s legitimate. The Better Business Bureau is a good place to start your research. Alternatively, consider getting help from a tax attorney or a real estate attorney.

What to do if you get a scam letter?

If you get one of these kinds of letters from a scammer, contact the Attorney General's office in your state to report the fake notice. Doing so might save another taxpayer from the same scam.

How does a mailer act as a middleman?

In this scheme, the company sending the mailer simply acts as a middleman for the taxpayer by filing for reassessment with the county assessor's office. While the company will usually file the proper paperwork and see that the county reviews the property's assessment, this process is something you can do for yourself—for free. (For more information on requesting a property reassessment, contact your county assessor’s office or look online at your county assessor's official website.)

What is a property tax reassessment?

In a "property reassessment" or "property tax adjustment" scam, a private company sends an official-looking notice to a homeowner . The company issuing this mailer uses words like "tax adjusters," "tax reassessment," "tax readjustment," or "tax review." The notice appears to be from a government agency, and might even resemble a property tax bill. These mailers also often use addresses like “Regional Processing Center” to make the homeowner think the mail is coming from a government agency.

What does a notice of declining home value mean?

The notice states that, due to declining home values, the homeowner is paying too much in property taxes. The mailer also shows what the "adjusted" property value should be, which is lower than the current assessed value of the property. The notice then offers to assist the taxpayer with reducing the home's assessed value. Sometimes, the mailer threatens to impose a late fee if the homeowner doesn't send money by a specific date.

Do private companies charge fees for reassessment?

Some legitimate private companies do charge fees to provide assistance with property reassessment. Services can include obtaining comparable sales information, attending assessment appeals hearings, and filing the reassessment paperwork. These services might be of some value to taxpayers who don't want to handle the process themselves, but l egitimate companies won't seek you out.

The Role of An Attorney

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Easing The Tensions

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