Advices and Solutions Through hard times
Mortgages can be tricky and confusing unless you’re a real estate professional, and even then you can sometimes use some help. Lawyers aren’t just there to help people through hard times, they can also provide advice and guidance in other situations. There are several circumstances under which a competent real estate attorney can be of service, and here are just a few.
1. When your part of a demographic that’s targeted for mortgage fraud or unscrupulous practices. In every business there’s a downside, and in real estate, it’s an unfortunate fact that sometimes prospective home owners are subject to fraudulent lending practices. Senior citizens, low income borrowers and those with bad credit are sometimes targeted or are unwittingly duped into purchase contracts that are questionable at best and downright illegal at their worst. Before signing on the dotted line, take your contract to a qualified mortgage fraud attorney to go over and explain the details to you.
It’s always best to play it safe when your life-savings are on the line. Forms of mortgages fraud include charging illegally high interest rates or charging fees for services and information that is available for free from government sources as a public service.
2. When you’re negotiating a home purchase. Mortgage attorneys are experienced professionals who are up to date on regulations and knowledgeable about financing terms. Mortgage contracts are usually drafted by the attorney representing the lender. Hiring an attorney to represent your interests is a way of making sure that you’re getting a fair deal. Even if you’re getting a standard 30-year mortgage, an attorney can go over your contract with you to make sure that everything’s in order, and that there are no hidden conditions or contradictory terms.
3. When you’re in financial difficulty. Financial difficulties can happen to any one without warning. Whether you entered into a contract without getting legal advice or you’ve fallen on hard times and are having trouble keeping up, a mortgage lawyer can offer advice and solutions. One scenario might be if a borrower purchases a home, and then finds that they are no longer able to meet the terms of their mortgage contract, perhaps they are in danger of going into default or foreclosure. An attorney can try to renegotiate new terms that will enable the borrower to keep their home. If that isn’t an option, the lawyer can advise the borrower on the best course of action to take in order to minimize the financial damage and try to save their credit, if possible. Such options might include arranging a deed in lieu or a short sale of the property.
Any time you’re involved in a legal matter, whether it’s due to litigation or to help you understand the terms of a contract, it helps to get sound legal advice. Rosicki Rosicki and Associates is an example of a legal team that specializes in a specific area of law. Though all law degrees are initially equal, it’s important to consult a lawyer who is knowledgeable and experienced beyond general practice. After all, you wouldn’t go to a foot doctor for a sore throat, and you shouldn’t go to a criminal lawyer for real estate contract negotiations.