Mortgages
Mortgages could be depicted as a loan, with the specific purpose of the borrower to purchase or maintain a home or other form of real estate. The property itself serves as collateral for the loan.
A mortgage in itself is not a debt, rather it is the mortgagee’s (lender) security for the debt. To ensure that the borrower will pay back the money or else the mortgagee will legally be able to seize the property. Generally, mortgage lenders are financial institutions, such as a bank or mortgage company.
A variety of legal issues may occur when dealing with mortgage lenders. For example, predatory lending. Mortgage lenders sometimes target susceptible borrowers, such as first-time borrowers with lesser knowledge of the subject or elderly borrowers, and offer them loans at excessively high-interest rates or abusive loan terms. Furthermore, there are also issues such as mortgage fraud, or foreclosure which raises complications for both the lender and borrower. Therefore, it is vital to carefully review the mortgage lending agreement before signing the agreement and voice any concerns or questions immediately to prevent any of the aforementioned problems from occurring.
Mortgage Lawyer
Should you find yourself in a dispute with the mortgage lender, be sure to fully review the original agreement contract to understand your rights and obligations. It is wise to contact a lawyer with expertise in the real estate area to lay out the legal details and help you take any necessary legal action against the lender.
