Home loans and mortgages can be tricky. One has to look into many factors regarding mortgage terms and even after thoroughly checking out the lender, they might turn out to be malicious and indulge in unsavory lending practices. In other cases, the lender might want to mortgage the house at a price much higher than market value. In such cases, one needs to seek help from a real estate law center.
Real Estate Law Center will give you the legal representation that you need to obtain relief from monetary damages and present the client with a clean credit report of mortgage late payments.
There are several aspects that one needs to fulfill to be eligible for a lender lawsuit. First, one needs to check whether it is an interest only product, or if it has a high interest rate. Further, one also needs to check if it is an ARM, also known as adjustable rate mortgage loan. The other aspects that need to be checked are whether the loan falls into the negative amortization category, or has a penalty for payments, or if it is on balloon payments. Lastly, one needs to check if the loan is an 80/20 loan, or whether it is based on stated income.
The other aspects that come into play are whether the loan is subprime qualified, or if the value of the property is inflated. Lastly, one also needs to check if the broker was aggressive, or if they are charging excessive fees. Also, one needs to check whether the debtor is a victim of wrongful closure, or if a new lender turns up immediately.
If one is still doubtful of filing a real estate law center consumer complaint, one must fill out a questionnaire either by phone or by requesting it on e-mail. In this manner, one could be completely sure of their eligibility
If the person wins the mortgage law suit, all the late payment entries shall be removed. This in turn shall improve the borrowers credit score, in case he or she is behind the mortgage payments. Also, if the loan has been taken from a different lender and later been sold to another one, most of the time such cases qualify for mortgage litigation. But one has to verify this to be sure.
In case one is a victim of predatory lending, one can file a predatory lending law suit. If your loan has been previously modified and you wish to modify it again, the same shall be decided through a questionnaire. If your house has already attained foreclosure, the attorney representing you shall seek return of the title of your name and monetary damages for wrongful closure. If the property has already been sold, the damages and recovery shall be limited.
Lender litigation applies to properties that have been residential, irrespective of whether that they are investment properties or owner occupied properties. However, one should not expect a complete clearance of loan from the real estate lawsuit. This happens only when there is fraud or cheating involved on the part of the lender.
One has to be very careful of a real estate law center scam or a real estate law center rip off.. It is wise to verify the reputation of the firm you are working with before taking any action and work with a reputable firm.
Article Source: http://www.articlesbase.com/real-estate-articles/use-a-real-estate-law-center-to-recover-from-unfair-mortgages-5800867.html
About the Author
Alice Barnes is the author of this article on real estate law center. Find more information, about real estate law center consumer complaint here