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Mortgages Lawyers Near You

Chip Parker avatar
I have been practicing in the area of consumer bankruptcy law since 1992. I have likely filed more consumer bankruptcy cases than any other lawyer in Utah, and ...
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I have been practicing in the area of consumer bankruptcy law since 1992. I have likely filed more consumer bankruptcy cases than any other lawyer in Utah, and ...
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Mathew Kerbis avatar
Mathew Kerbis founded Subscription Attorney LLC, a modern law firm offering subscriptions starting at $19.99/month, with the mission to provide affordable acces...
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Mathew Kerbis founded Subscription Attorney LLC, a modern law firm offering subscriptions starting at $19.99/month, with the mission to provide affordable acces...
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Yasmine Tabatabai avatar
Yasmine Tabatabai is an accomplished and well-respected litigation and trial attorney who is well-versed in evaluating complex legal issues and a tenacious advo...
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Yasmine Tabatabai is an accomplished and well-respected litigation and trial attorney who is well-versed in evaluating complex legal issues and a tenacious advo...
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Joel Francis Murray avatar
Joel has a broad range of experience that includes administrative law, appeals and rulemaking, business and corporate law, consumer protection, government affai...
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Joel has a broad range of experience that includes administrative law, appeals and rulemaking, business and corporate law, consumer protection, government affai...
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Having a place to call one’s own is everyone’s dream, especially for those who have always just rented. Transitioning to homeownership and finally being able to purchase your own home is an enormous investment.

Of course, this is not an easy process. For one, homes, big or small, house or condo, is expensive. In the United States, in particular, the latest housing statistics published by the National Association of Realtors revealed that the median price of houses in the country is around $375,000. Many renters are in a bind because they can’t save as much as they need to purchase due to rising rent prices so that median price is definitely no joke.

Nearly anyone who wants to buy must get a mortgage. This process, however, entails preparing several loan documents and dealing with several legal issues. You need to know your state laws regarding home mortgage and real estate, as well as details with respect to credit, payments, and even foreclosure.

This can all get pretty overwhelming, but availing the services of an experienced legal professional makes the mortgage process easier to handle and get through. It is important to find the best home mortgages lawyer near you to assist you in the entire process.

What Is a Mortgage Lawyer?

A mortgage lawyer is one who specializes in assisting clients and in protecting their interests with respect to a mortgage transaction. As mentioned earlier, getting a home mortgage loan is a long and complex process, which essentially involves:

  • Looking for a property;
  • Finding what kind of mortgage is best for you based on your needs and circumstances;
  • Obtaining a preapproval for the mortgage loan;
  • Applying for a final mortgage with a mortgage lender;
  • Having underwriters assess your mortgage application;
  • Paying mortgage dues to avoid the foreclosure process; and
  • Going through the foreclosure process in the event of continual nonpayment.

Definitely, these steps will be much more manageable if you have an experienced professional who will guide you through the process. This, precisely, is the role of a mortgage lawyer with respect to a property buyer.

Correspondingly, a mortgage lawyer can also represent the interest of a mortgage lender. Certainly, mortgage lenders also need the guidance of a legal expert who will make sure the mortgage terms are fair and would serve to protect the lender in case of nonpayment by the borrower. Needless to say, mortgage issues and mortgage problems are not exclusive to the borrower; mortgage lenders need legal advice and protection, too.

What Does a Mortgage Lawyer Do?

As mentioned earlier, a mortgage lawyer provides legal assistance to a party in a mortgage transaction. Essentially, when a person engages in the services of a mortgage lawyer, the lawyer must do the following:

  • Give legal advice regarding the mortgage process and terms, modifications, and more;
  • Draft loan documents and other legal deeds and records;
  • Review contracts and make the necessary negotiations and adjustments;
  • File all paperwork;
  • Acquaint the client with state laws on real estate mortgage, particularly the client’s legal obligations pertaining to the mortgage;
  • Represent the client in any potential court proceeding (usually in the event of default, foreclosure, or bankruptcy); and
  • Advise the client on his/her best options if the latter can’t meet the terms of the mortgage.

Of course, this list is not exclusive. A good mortgage attorney would also perform other tasks necessary and incidental to his work as a lawyer for mortgage issues, whether representing the lender or the borrower.

When Do I Hire a Mortgage Attorney?

If you want to apply for a mortgage, it is highly advisable to seek the guidance of the best mortgage attorney near you, who can help you, especially with the technicalities in a mortgage transaction. To emphasize, you want to engage the services of a mortgage attorney in your area because he/she, presumably, is the one who is familiar with the state laws involved in the mortgage process.

If you already have a mortgage contract in place, it is best to hire a mortgage attorney in the event of non-compliance with the terms of the agreement. Whether it is you or the other party who cannot meet the terms of the mortgage, the mortgage lawyer can suggest the best options to the client moving forward.

At times, these instances of non-compliance would lead to mortgage litigation, which is a legal action in a court of law. Naturally, in such court proceedings, you will need to have a mortgage attorney represent you and argue your case.

How Do I Choose the Right Mortgage Attorney Near Me?

There are several factors to consider in choosing the best mortgage attorney for you, given your circumstances and needs. In essence, some of the most important points you will have to take note of in choosing the right mortgage attorney are:

  • License: Does the mortgage lawyer have a valid license to practice the profession in your area?
  • Location: Is the lawyer for mortages near you highly knowledgeable about relevant state laws and is convenient to visit?
  • Experience: Does the mortgage lawyer have years of experience in handling mortgage issues and legal disputes?
  • Cost: How much does it cost to engage the services of the mortgage lawyer?

Apart from this, you also want someone you can be comfortable with, especially since you will necessarily have to share personal information in relation to the mortgage loan. So, it is an advantage if the lawyer is not only experienced and competent in the field but is also someone who is responsible and trustworthy.

If you are unsure where and how exactly to start looking for mortgage attorneys near you, you may check Lawrina’s Find A Lawyer Service.

How Much Do Mortgage Lawyers Usually Charge?

The cost of engaging the services of a mortgage lawyer near you would, of course, depend on a number of factors. Some of these factors are:

  • State requirements: Some states require the involvement of a lawyer immediately, such as in the purchase of the property. Some states, on the other hand, would only require a lawyer when there are legal disputes to settle. Thus, state laws play a crucial role in determining how much you would have to shoulder for mortgage lawyer services.
  • Manner of charging: Most mortgage lawyers charge by the hour ($300 on the average), while there are those that offer a flat-fee legal service. Usually, the hourly billing method would cost more because the client will have to pay for every time the lawyer works on the case–from research, drafting, negotiations, phone calls, and follow-ups, among other things. However, as the client, you can set a limit on the number of hours you want your mortgage lawyer to spend on your account.
  • Services: Different clients have different needs. If your circumstances require extensive work on the part of the mortgage attorney, of course, you can expect to pay more. More work and more services, naturally, mean more cost.

Frequently Asked Questions

What is a mortgage?

A mortgage is a type of agreement (contract) that asks a creditor (usually a bank) to lend money to another, and who will then have the right to take the title of the borrower’s property in case such borrower fails to pay the amount owed. So, if the borrower repays the lender the entire amount plus interest, the mortgage agreement ends; the lender will no longer have the right (or reason) to claim the property.

What are common problems involving mortgages?

As in all kinds of transactions, mortgage agreements are not immune to problems and legal issues. For instance, some of the most common problems arising from mortgages are:

  • Liar loans: Liar loans are a kind of mortgage loan that does not require proper documentation of the borrower’s income and assets. Borrowers lie about their ability to pay the loan since lenders do not verify anyway.
  • Mortgage fraud: This refers to a mortgage agreement when there is deliberate misrepresentation or omission of relevant facts to protect their self-interest. It may be misstating income details, overstating (or understating) the appraisal of the property in question, taking advantage of borrowers in financial difficulty, and more.
  • Second mortgages: As the name implies, a second mortgage is one that is taken against a property that already has a previous loan on it. While this is not unlawful, a second mortgage on a property poses a problem in case the borrower becomes financially incapable. Disputes may arise between co-leaders, particularly regarding their conflicting claims.

These mortgage problems are alarming, but these are also most definitely avertable. If you have the best mortgage attorney near you to help, you can easily avoid and control mortgage issues.

Is it important to have a mortgage lawyer?

Yes, it is extremely important to have mortages attorneys near you to assist you through the entire mortgage transaction. From the initial steps of having a mortgage loan approved, to the negotiations and modifications, and then up to the possible mortgage litigations, a good mortgage lawyer is who you need to keep everything easy and manageable.

Let Lawrina help you find the best mortgage lawyer near you. Click here to start.