3 Problems A Mortgage Lawyer Can Solve For You

One time in life that you want to hire a lawyer is when you are dealing with a mortgage. Since a home is going to be one of the most expensive purchases in your life, you'll need a lawyer to ensure that the mortgage contracts are in your favor and help deal with disputes Here are a few problems that a mortgage lawyer can solve for you.

Verify The Mortgage Contract

Your mortgage lender is going to bring several documents for you to sign when closing on your home. While you may have been in discussion with your loan officer about the terms of your mortgage, all that matters is what you actually sign on the paperwork at your closing. A mortgage lawyer is going to review all of the documents related to the mortgage to ensure that they are stating the terms of the mortgage that have been presented to you throughout the process. You may be surprised at how mistakes can be made when your lender is drafting documents, which include things like entering the wrong interest rate that you will have, or not including provisions for paying off the mortgage early without any fees. 

Protect You From Predatory Lending

The last thing that you want to have happen is to be taken advantage of when buying a home. Unfortunately, there are many issues with predatory lending where it could have been prevented by having a lawyer look over your mortgage contract. For example, this could be including charges for closing costs that you shouldn't have to pay, or not telling you about a balloon payment in order to get you to agree to a low initial interest rate. A good mortgage lawyer will be able to identify these predatory lending issues and give you a heads up before you sign any contract. 

Protect You From Foreclosure

You'll definitely want to have a lawyer on your side if you are dealing with a foreclosure. That is because there are ways that a lawyer can help stop a foreclosure from happening, and do what it takes to keep you in the home while you figure out how to save it. For example, they may help negotiate new mortgage terms that make it possible to keep the home and not foreclose on it, or even verify that your lender is following the rules regarding foreclosure and being fair to you during the process. 

Reach out to a local mortgage lawyer to learn more.