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Why Do You Need a Mortgage Fraud Attorney?

Brian J Smith Nov. 12, 2012

Mortgage attorneys deal with a number of different issues surrounding the mortgage of a home. One of their most common responsibilities is working with lenders to help modify the loans in the event the borrower ends up defaulting. Doing this provides the borrower with the ability to keep their home while providing the lender with the reassurance that they will receive the money they are entitled to from the borrower. Mortgage attorneys can also help the buyers obtain mortgages, as well as all of the proper procedures that go along with purchasing a new home. They can also help assist those who have been the victim of mortgage loan fraud.

When a family deals with foreclosure, it tears them apart and puts them in a continual state of distress and fear from losing their residence. Most of the time, a mortgage lawyer will work to solve issues with the lender through a series of negotiations. On average, it begins with the attorney contacting the lender for the borrower and discussing all of the different payment plans they have available to them. Those who work in this field have a better understanding of all the laws that encompass mortgages and what the lenders desire, which gives them the ability to work out a solution with the lender easier than borrowers who try to handle it on their own. Lenders would much rather work out some type of payment plan, especially since foreclosure is quite costly and the debt will not necessarily be satisfied.

Not only do mortgage attorneys work alongside borrowers that are behind in their mortgage payments, but they also work with those searching to purchase a home. Depending on the jurisdiction, some areas require an attorney to clear the property title and coordinate all of the details between the lender and the borrower.

Mortgage fraud attorneys are separated into a number of different forms, such as that of mortgages obtained by stealing with another person’s identity or falsifying collateral information to the borrower. Lenders will often work with an attorney to help litigate issues and damages surrounding the loan to help void it out. Fraud is a serious criminal offense and those who partake in this offense may not just be held liable for giving the property back to the lender and paying damages, but they are also subject to jail time for their offense.