what kind of attorney handles loan document problems with the home loan

What can a mortgage attorney do for me?

Therefore, it may be in your best interests to seek out a well qualified and experienced mortgage attorney to help guide you through the process of obtaining a mortgage and purchasing a home. An experienced mortgage attorney can help you review loan documents, assist you in contract negotiations, as well as represent and file a legal claim on your behalf against the mortgage …

What do mortgage fraud lawyers see in a fax?

7031 Koll Center Pkwy, Pleasanton, CA 94566. master:2021-10-20_10-59-58. A "loan modification" is a permanent restructuring of your mortgage loan where the lender changes one or more of the terms so that your payments are more affordable. With a modification, the lender might agree to do one or more of the following to reduce your monthly payment:

How does a predatory lending attorney work?

Aug 13, 2014 · Our predatory lending attorney will review the promissory note and all other documents from the lender and will determine whether you have a predatory lending case against your lender. After a thorough review of your case, once we identify all violations, we file a lawsuit against the lender.

Who writes the loan documents for a loan?

Mortgage Law, Fraud & Loan Modification. The mortgage industry has been under heavy scrutiny in recent years, thanks to questionable lending practices and other issues. When the so-called mortgage bubble burst, mortgage fraud and other troubles didn't just go away. Every day, thousands of people are cheated out of money through questionable ...

How much does a real estate lawyer cost?

Fixed hourly rate: A real estate attorney who charges an hourly rate may charge $150 – $350 per hour, but this can vary a lot depending on how experienced the attorney is and what area you're in. Fixed rates for specific services: They may also charge a flat fee for the particular services they provide.Jan 6, 2022

Can a borrower sue a lender?

With the rise of lender liability, borrowers now also have a right to sue lenders who breach contractual obligations established in a loan agreement, such as failing to honor a loan commitment.Feb 6, 2018

What happens when a lender makes a mistake?

When a servicer makes an error in processing your payment, you could be considered to be in default on your loan and end up in foreclosure proceedings. Some of the more common mistakes mortgage servicers make are: Not properly crediting payments to the account. Not paying taxes and insurance.Nov 30, 2015

How do you fight a mortgage lender?

If you have a problem with your mortgage, you can submit a complaint online or by calling (855) 411-CFPB (2372). If you're facing imminent foreclosure or have been served with legal papers, you may also need to consult an attorney.Sep 9, 2020

Does a lender have a fiduciary responsibility?

Banks, mortgage companies, and other commercial lenders generally have a fiduciary duty to their borrowers. Borrowers may be able to take legal action if their lender was not acting in their best interest with regard to the loan—for example, by misleading them or failing to provide information about their loans.

What are the rights of a lender?

Lender has the right to obtain information on Borrower's operations, financial activities, inventory, use of the loan, etc., and request Borrower to provide documents, materials and information such as financial statements.

Can you sue a loan servicer?

You can also sue. According to HUD, "A borrower may bring a private law suit, or a group of borrowers may bring a class action suit, within three years, against a servicer who fails to comply with Section 6's provisions." You can also file a complaint with the government agency that regulates the servicing agent.

How do I write a letter of dispute to my mortgage company?

Submitting a letter:Include your name, home address, and mortgage account number.Identify the error. Tell your servicer exactly what error you believe occurred. ... Do not write your letter on your payment coupon or other payment form you get from your servicer.Send the letter to the proper address.

When you receive a written request to resolve an error or provide information what must you do within five days?

In general, when a member sends a written request to resolve an error or to send information about their account, you must: Within 5 days, acknowledge the request for information or notice of error.Jan 10, 2014

Can a mortgage company refuse to modify loan?

Yes, probably. In California, a law called the "Homeowner Bill of Rights" (HBOR) generally gives borrowers the right to appeal a modification denial.

Do banks make mistakes on mortgages?

Mortgage servicers sometimes make serious errors when handling a homeowner's loan account. Fortunately, a federal law, the Real Estate Settlement Procedures Act (RESPA), provides a way for you to make the servicer correct the error if you believe it made a mistake when managing your mortgage payments.

What is a mortgage dispute?

What Is a Mortgage Dispute? Put simply, a mortgage dispute is any disagreement that arises between a mortgage lender and borrower. When lenders and borrowers enter into a purchase agreement for a home or other type of real estate, this agreement is referred to as a mortgage.

Understanding Mortgage Modifications

Before you can figure out if you should hire an attorney to help you with a mortgage modification, you must first understand the basics about modif...

When You Should Consider Hiring An Attorney to Help With Your Mortgage Modification

Below are some situations where you should consider hiring, or at least consulting with, an attorney.

When You Might Not Need An Attorney to Help With A Mortgage Modification

The following are a few situations where you probably don’t need to hire an attorney to assist with the modification process.

What to do if you have difficulty with foreclosure?

Ultimately, if you find yourself having difficulty with the application or your servicer isn't abiding by the law, you should consider consulting with a qualified, reputable foreclosure attorney who can help you with the process.

What is a loan modification?

A "loan modification" is a permanent restructuring of your mortgage loan where the lender changes one or more of the terms so that your payments are more affordable. With a modification, the lender might agree to do one or more of the following to reduce your monthly payment: reduce the interest rate. convert from a variable interest rate ...

How to get a mortgage modification?

Hiring an attorney may be a good idea if you want a mortgage modification, but you don't understand the application process or have a complicated situation. For example, it might be worthwhile to hire an attorney if you've spoken to your loan servicer about a modification but are confused about: 1 how to fill out the application 2 what documentation you need to submit along with an application, or 3 how to explain your financial hardship or situation in the application.

What happens if a servicer violates state law?

If your servicer violates state law while foreclosing on your home, your attorney might be able to use the violation or violations as leverage in getting you a loan modification. Keep in mind that servicers often make mistakes when servicing loans and in the foreclosure process. A lawyer could uncover errors that you won't even notice.

What to do if you aren't sure what to do?

If you aren't sure what to do—say you're facing foreclosure, but you aren't sure if a modification is right for you—and want to know about all of your options, an attorney can help you understand your legal rights and give advice about the best course of action in your situation.

Can you submit all documentation to a servicer?

If you've spoken to the servicer about getting a modification, done your homework to educate yourself about the process , are confident the servicer hasn't violated the law, and feel you have a good understanding of what goes into the application, you likely can submit all of the necessary documentation and navigate the process adequately on your own.

What happens if a servicer denies a modification?

If the servicer denies your modification request, in many cases, you'll also get some time to make an appeal. An attorney might be able help you in showcasing why the servicer made an error in denying your application so that you're more likely to get approved for the modification in your appeal.

What happens if you fall behind on your mortgage payments?

You fell behind on mortgage payments and your lender is giving you misleading information about your options to save your home. You have applied for a loan modification and your lender is sending you foreclosure notices at the same time. Your lender lied to you about stopping foreclosure while you were being reviewed for a modification.

What is foreclosure fraud?

We often find that foreclosure fraud occurs when lenders violate the law by creating unconscionable loan terms. Mortgage litigation empowers the homeowner to take the lender to court. The homeowner can no longer be ignored or strung along until the lender decides to foreclose.

What to do if you have poor credit?

People With Poor Credit: Those who have poor credit are a frequent target of underhanded brokers. If you are looking for a mortgage or for a loan modification, bring a qualified mortgage modification attorney on board to ensure you aren't duped out of a substantial amount of money.

Can people be taken for a ride by unscrupulous lenders?

People from all walks of life can be taken for a ride by an unscrupulous lender. Here are a few groups of people who commonly attract fraudulent interest rate and real estate-related loan scenarios:

Can elderly people get scammed?

Prior to engaging in any type of real estate transaction, elderly persons are advised to seek the assistance of a licensed mortgage fraud attorney. Going it alone is a surefire way to get scammed during a real estate transaction.

Why do you need an attorney for a home purchase?

Here are a few reasons you might need or want an attorney to be part of your home buying team: State or lender requirement: Every state has slightly different laws regarding real estate transactions, and some states consider certain actions that are part of the process to be “practicing law.”. These regulations are often meant to prevent real ...

What is a real estate attorney?

A real estate attorney is someone who is licensed to practice real estate law, meaning they have the knowledge and experience to advise parties involved in a real estate transaction, such as a home sale.

Who is in charge of closing a home?

In some cases, a real estate attorney is also the person who’ll be in charge of your closing. In a home purchase transaction, both the buyer and seller can hire an attorney to represent their interests during the process. Or, in the case where an attorney is overseeing a closing where the home is being purchased with a mortgage loan, ...

How much does a real estate attorney charge?

If you want your own attorney in addition to the one required by your lender, you’ll also pay for any services they provide you. How and how much a real estate attorney charges will vary, but here are some basic ranges to give you an idea of what you’ll spend: 1 Fixed hourly rate: A real estate attorney who charges an hourly rate may charge $150 – $350 per hour, but this can vary a lot depending on how experienced the attorney is and what area you’re in. 2 Fixed rates for specific services: They may also charge a flat fee for the particular services they provide. For example, a real estate attorney might charge $500 – $1,500 to conduct a home closing. Their fees may also depend on the sale price of the property in question.

What Are Some Common Disputes Involving Home Loan Lenders?

Finding the right home loan lender is important when it comes to securing a loan. It is important to find a lender who is qualified and who has the necessary credentials and experience. Some common disputes involving home loan lenders may include:

What If I Have a Dispute or a Complaint Involving a Home Loan?

Home loan lawsuits comprise a significant amount of real estate lawsuits each year. If you feel that you have experienced any financial losses or a violation of rights with regards to a home loan, it may be necessary to file a real estate lawsuit.

Do I Need a Lawyer for Help with Home Loan Issues?

Home loans are a very important aspect of home ownership and maintenance. You may need to hire a qualified mortgage lawyer if you have any legal disputes or issues regarding a home loan. Your attorney can help you during the process of selecting and securing a loan. This can help you avoid legal issues and conflicts from the start.

What is a deferment on a SBA loan?

A deferment is a way to postpone your scheduled loan payments for a specified period of time – which can vary from case to case. The SBA Loan Deferment option is for business owners that are experiencing short-term issues with cash flow. You will need to be able to show that your business will need a deferment but also that your company is able to repay the amount owed. Keep in mind if you wish to defer your payments unless agreed upon, the interest will continue to accrue on top of the outstanding balance.

What happens if you fall behind on your SBA loan?

Once you are in default on your loan, the interest and fees start to accrue. If your account has been turned over to a third-party collection agency as a result of non-payment, then the collection fees can be added to the balance. If the collection agency or the Treasury Offset department is unsuccessful in collecting what you owe, then the US Treasury can then and add up to a 28% penalty fee on top of what you owe. The costs will add up rather quickly so the quicker have us arrange for a settlement payoff, the fewer fees that will accrue thereby saving you from the power of compounding interest working against you.

Can a SBA loan be discharged?

SBA loans can be discharged through bankruptcy. Whether or not the bankruptcy is filed personally or for your business will determine the result of how the discharge will affect your liability. Many SBA loans have personal guarantees which lead many business owners with little personal assets to file for personal bankruptcy. If you are a business owner and want to file for personal bankruptcy, your obligation to pay back the loan will be discharged; however, the liability for the business remains. The SBA can enforce its claim on any collateral pledged to secure the loan – through seizure or repossession of business assets. If a business bankruptcy is filed, it needs to be considered if your business can still function and operate on a daily basis. Among many other factors to be discussed range anywhere from:

Can the SBA garnish your salary?

Your personal wages or assets may also be at risk. The SBA can attach more forms of income than other types of creditors you may owe can. A judgment creditor can put a lien on your property, a levy on your bank account, or garnish your salary and the SBA can do the same.

What is the lender – borrower relationship?

The lender – borrower relationship often begins when the borrower submits a loan application. The law, however, was that the lender owed no special duty during the application and origination process. Only when a commitment letter was issued was there the potential for the borrower to sue the bank under some theory of lender liability.

How many pages are there in a commercial loan?

Today’s commercial loan documents often contain 1000 or more pages. If the loan is part of a securitized portfolio (commercial mortgage backed securities), the pooling and servicing agreements are often over 600 pages.

What are standing issues?

Standing issues have spawned an evolving body of law in which borrower’s counsel must force lenders, noteholders (typically trusts) and servicers to answer and prove the following: 1 Servicer or noteholder is the proper entity to initiate a foreclosure 2 Actual possession of the note and mortgage 3 Where note and mortgage are split, prove ability to enforce 4 If the foreclosure is by a servicer or special servicer, does it possess the required legal ability to represent the noteholder 5 Prove chain of title and that all required assignments are in place 6 Are the assignments trustworthy (robosigning issues)

What is a breach of fiduciary duty?

Wrongful interference with a borrower’s day-to-day activities or the borrower’s contractual relations with third parties; Breaching a fiduciary duty that the lender may have assumed with respect to the borrower.

Who initiates foreclosure?

Servicer or noteholder is the proper entity to initiate a foreclosure. Actual possession of the note and mortgage. Where note and mortgage are split, prove ability to enforce. If the foreclosure is by a servicer or special servicer, does it possess the required legal ability to represent the noteholder.

What is acceleration clause?

Virtually every loan document contains an acceleration clause. These provisions allow the lender to accelerate all amounts due under the loan. The entire balance comes due instead of just the missed payment. The most typical acceleration clauses are found in the loan’s default provisions.

Can a lender interfere with a borrower's contract?

Lenders generally have the ability to protect their interests in collateral but can improperly exert undue control or interfere with the borrower’s contracts with third parties. Sometimes a bank’s interference is deliberate and sometimes it is negligent.

Mark W. Oakley

Are you the debtor or the creditor? If you are the person who is owed the money, any lawyer who handles civil litigation and/or collection law may be interested in the case, but it really depends on the amount owed and whether the debtor has any means to pay a judgment (e.g., is there a bank account or employment wages to garnish).

Bennett James Wills

Consumer defense. Often time you can negotiate a pre-lawsuit settlement, or you may have several other options as well. One would need much more information.