Consulting with a skilled and knowledgeable foreclosure attorney would be in your best interests if you have a lien on your property, and wish to remove it. An experienced foreclosure attorney can help you understand your state’s specific laws regarding property liens, as well as your state’s statute of limitations.
Full Answer
What can a mortgage attorney do for me?
Do I need a lawyer to modify my mortgage?
Do I need a real estate attorney at my mortgage closing?
Sep 08, 2020 · While some states require that there be an attorney present at closing, note that this attorney has a primary responsibility to the lender. If this is your first home purchase you may consider having your own legal representation. Your real estate agent or mortgage broker can provide recommendations if you do not have an attorney.
How does a mortgage foreclosure attorney Sue your lender?
Aug 13, 2014 · Our mortgage foreclosure attorney will sue your lender by preparing a summary of facts showing the judge the homeowners’ story and by drafting the legal arguments showing how the lender violated the law. Common Mortgage Fraud violations and Illegal Practices. Dual tracking – moving forward with foreclosure while simultaneously offering to ...
What is the process to remove someone from a mortgage?
You usually do this by filing a quitclaim deed, in which your ex-spouse gives up all rights to the property. Your ex should sign the quitclaim deed in front of a notary. One this document is notarized, you file it with the county. This publicly removes the former partner's name from the property deed and the mortgage.
How do I remove my ex husband from my mortgage?
If your ex-spouse is on the mortgage with you, there are a couple of ways to remove their name from the mortgage:
- Release of liability: First, you can ask your lender for a release of liability. ...
- Refinance: If you can't get a release of liability, then the only other option is to refinance your mortgage.
5 days ago
Can a co-signer be removed from a mortgage?
Returning to the original question, usually the only way to remove a co-signer from a mortgage is to refinance the loan. When you refinance the mortgage, you can remove the co-signer and you are the sole borrower on the new loan or potentially a co-borrower with someone else.Jun 29, 2021
Can a mortgage be terminated?
If you are buying a home with a mortgage, you do not have a right to cancel the loan once the closing documents are signed. If you are refinancing a mortgage, you have until midnight of the third business day after the transaction to rescind (cancel) the mortgage contract.Sep 9, 2020
Can you remove someone's name from a mortgage without refinancing?
You can remove a name from your mortgage without refinancing by informing your lender that you are taking over the mortgage, and you want a loan assumption. Under a loan assumption, you take full responsibility for the mortgage and remove the other person from the note.Jul 23, 2020
Do you have to refinance to remove someone from a mortgage?
There is only one way to have your spouse's name removed from the mortgage: You will have to apply for a loan to refinance the mortgage, in your name only. After all, the original mortgage was approved in both of your names, giving the lender two sources of repayment.
How long does it take to remove a cosigner from a mortgage?
If the conditions are met, the lender will remove the cosigner from the loan. The lender may require two years of on-time payments, for example. If that's the case, after the 24th consecutive month of payments, there'd be an opportunity to get the cosigner off the loan.
Can a joint mortgage be transferred to one person?
Yes, that's absolutely possible. If you're going through a separation or a divorce and share a mortgage, this guide will help you understand your options when it comes to transferring the mortgage to one person. A joint mortgage can be transferred to one name if both people named on the joint mortgage agree.
What rights does a co signer have on a house?
You don't own the property
Unfortunately, being a cosigner doesn't give you rights to the property, car or other security that the loan is paying for. You're simply a financial guarantor, and if the primary signer fails to repay the debt, then you're next in line to make it happen.May 25, 2021
Unfortunately, being a cosigner doesn't give you rights to the property, car or other security that the loan is paying for. You're simply a financial guarantor, and if the primary signer fails to repay the debt, then you're next in line to make it happen.May 25, 2021
Which of the following ways can a mortgage be terminated?
The mortgagor's liability can terminate in three ways: payment, assumption (with a novation), or foreclosure.
What is mortgage termination?
A termination statement is a document issued by a lending institution, which establishes that a particular secured loan has been fully repaid. They are commonly used in association with home mortgages, once the mortgage has been paid off.
What is the penalty for Cancelling a mortgage?
Most lenders determine the mortgage break penalty for a variable rate mortgage by calculating three months of interest. The interest rate that they use can depend from lender to lender, but is usually either your current mortgage interest rate or the lender's prime rate.
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.
Do you need an attorney for a mortgage closing?
The role of an attorney. Depending on where you live, you won't have any choice when it comes to hiring an attorney for closing. That's because several states require an attorney to present at real estate closings. These states frequently change, so check your state’s laws to determine if a real estate attorney needs to be at your mortgage closing.
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.
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, ...
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).
Has this happened to you?
You fell behind on mortgage payments and your lender is giving you misleading information about your options to save your home
What Our Mortgage Lawyer Can Do for You
When you hire Consumer Action Law Group as your mortgage lawyer to sue your lender, we tailor your litigation case to your situation. Our mortgage fraud lawyer will identify bad acts by the lender such as:
How to Identify Predatory Lending
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.
Mortgage Attorneys That Sue Mortgage Lenders
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:
Can you sue a mortgage lender for negligence?
As mentioned above, if your mortgage lender commits negligence, you may sue your mortgage lender. Examples of this can include where they negligently fail to include terms in the loan agreement that were agreed to by both parties, or if they breach their fiduciary duties.
Can a mortgage lender be charged with fraud?
Additionally, mortgage lenders may also be charged with mortgage fraud, such as forging a mortgage contract. If a mortgage lender commits mortgage fraud, the mortgage borrower may use the mortgage loan fraud as a legal defense to foreclosure;
What are the remedies for breach of contract?
Additionally, breach of contract remedies may include remedies in equity, such as: 1 Cancelling the mortgage contract; 2 Rewriting the mortgage contract to better reflect the parties agreement; or 3 Ordering specific performance under the contract.
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 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 is the role of a real estate 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. 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 ...
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.
Can a lender come after you for a loan?
In other words, the lender can come after both — or either — of you in the event of a default. And both of your credit scores will take a hit if your payment is late.
Can a lender sue you for foreclosure?
If you’re unlucky, your mortgage lender can sue you for the difference between the foreclosure sale proceeds and the loan balance. This is called a “deficiency,” but in many states, lenders can’t come after you for this.
What are the requirements to refinance a mortgage?
Guidelines vary by loan program and lender, but refinancing a mortgage typically requires: 1 A credit score of at least 620 (conventional and VA loans) or 580 (FHA loans) 2 A debt-to-income ratio below 45% 3 Steady employment and income that will continue for at least 3 years
What is the minimum credit score required for a FHA loan?
A credit score of at least 620 (conventional and VA loans) or 580 (FHA loans) A debt-to-income ratio below 45%. Steady employment and income that will continue for at least 3 years. Those last two requirements could be the toughest to deal with.
How long does it take to close on a refinance?
Closing on a refinance loan typically takes around a month. And there are closing costs involved. Refinance closing costs typically range from 2% to 5% of the loan amount, which is no small sum if you have a large outstanding loan balance. But there are ways to get around closing costs.
How long do you have to refinance a house?
Even if you’re well into your loan term, you don’t have to start over at 30 years. You could potentially refinance into a 20-, 15-, or even 10-year loan term to pay off your house on schedule. Just note that a shorter term will have higher payments, which you’ll be paying on your own.
What is a loan modification?
Loan modification allows you to change the terms of your mortgage loan without refinancing. A loan modification is typically used to lower the borrower’s interest rate or extend their repayment period to make the loan more affordable .
What to do if you can't afford your mortgage?
If you experience economic hardship and can no longer afford your current mortgage payment, call your lender's hardship department and request a modification. A telephone request starts the modification process, but you will need to visit your lender in person to discuss your situation and negotiate new mortgage terms.
What is mortgage modification?
A mortgage modification amends the original terms of your home loan agreement to create a payment you can afford. These changes are permanent and remain in effect for the duration of the mortgage. After a careful examination of your income, mortgage payment and other debts, your lender may lower the interest rate on your mortgage.
How long does it take for a mortgage to be foreclosed on?
Falling behind on your mortgage payment can affect your credit score. If you're unable to resume payments, your lender may foreclose after 90 days, but a mortgage modification can sometimes avert a foreclosure. You can negotiate a loan modification yourself or seek help from a professional.
Who is Valencia Higuera?
Writer Bio. Valencia Higuera is a freelance writer from Chesapeake, Virginia. She has contributed content to print publications and online publications such as Sidestep.com, AOL Travel, Work.com and ABC Loan Guide. Higuera primarily works as a personal finance, travel and medical writer.
TITLE COMPANY APPROVAL
If a Title Company is closing the transaction, it is prudent to provide them with a copy of the Power of Attorney well before closing for their approval.
FANNIE MAE REQUIREMENTS
Even if a lender does not intend to sell a loan to Fannie Mae, following Fannie Mae requirements for a Power of Attorney can be a helpful guide. Fannie Mae’s requirements for a Power of Attorney are as follows:
TEXAS STATUTORY DURABLE POWER OF ATTORNEY
In Texas, the legislature has created a Statutory Durable Power of Attorney that is the widely used and accepted throughout the state. The form is available at Texas Estates Code 751.051 . The form is “Durable” because the Power of Attorney will continue to be effective even if the maker becomes incapacitated.
BAIRDLAW REVIEW
Lenders who close loans through a Power of Attorney should have legal counsel review the form to verify that it has been properly prepared. Our firm regularly reviews Powers of Attorney for our clients.
What happens if you can't pay off a mortgage?
If one of you can’t pay, the other person is still responsible for paying off the whole loan. So, if your lender simply took one of the names off the current mortgage, one of you would be getting off scot-free. As you may have guessed, lenders are not often keen on doing this.
Can you refinance a mortgage under one name?
What your lender might consider is refinancing your mortgage under a single name instead of both people currently on the mortgage. Keep in mind that the equation has changed in terms of approval, as the lender is looking only at the financial variables for one person instead of two.
What happens if you quitclaim a deed?
The result of filing a quitclaim deed will be the transfer of the home solely to you. The other person that was previously on the mortgage and deed surrenders all rights to the property. If you have a lawyer, they can get you the necessary form, but you can also find it with a quick online search.
Who is Carey Chesney?
Carey Chesney brings a wealth of real estate sales and marketing experience to his buyers and sellers as they navigate highly competitive markets. Carey and his wife Ilze work together as Realtors® in Michigan.
The Role of An Attorney
Depending on where you live, you won't have any choice when it comes to hiring an attorney for closing. That's because several states require an attorney to present at real estate closings. These states frequently change, so check your state’s laws to determine if a real estate attorney needs to be at your mortgage closing. Usually, …
Unexpected Issues
- Attorneys are important, too, when issues pop up unexpectedly during the closing, Davis said. What if the buyer gets nervous and wants to back outon closing day? What if a title search uncovers a lien against the property? What if a last-minute easement or boundary issue comes up? Attorneys can help resolve these issues, Davis said. John Keenan, a real estate lawyer in Re…
Easing The Tensions
- Marcia Clarke, a real estate broker with M C Realty Consulting & Management in Brooklyn, said that attorneys play an important role at the closing table. Attorneys calm their clients when they get overwhelmed, she said. And they help ease the tensions in the room thanks to their expertise; buyers feel confident that a professional is looking out for them, so at least some of their nerve…
A Different Opinion
- 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. Glenn Phillips, chief executive officer of Lake Homes Realty in Pelham, Alabama, said that most real estate closings are routine affairs that can be handled without the servic...
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