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Going through the mortgage process without expert advice can be stressful and confusing, especially if you are going through a difficult time trying to save your home or have been threatened with foreclosure. You deserve better. You don’t want to face an uncertain and potentially costly process alone.
A mortgage debt attorney at Kurland Law Group provides the peace of mind you need in a challenging situation. We’ve handled hundreds of foreclosures and can use our expertise and experience to help you find a solution that works for both of us – allowing you to keep your home and rebuild your credit in the long term.
Our experienced mortgage debt lawyers will fight for your rights as a homeowner, protect your finances and help you get back on track financially to reclaim your future and look forward to many years of living in the home that’s rightfully yours.
A mortgage is a loan used to buy property, like a house or condo. It is a secured debt since the subject property is used as collateral for the loan.
There are many different kinds of mortgage loans, such as the Federal Housing Administration (FHA), conventional, rural development, and adjustable-rate mortgages (ARMs), to mention a few. In general, lenders use a minimum credit score to decide whether or not to give a mortgage. These minimum requirements may change depending on the type of mortgage.
Aside from student loans, mortgages are probably the most significant debts people will ever have. Most mortgages are paid off over long periods, like 15 or 30 years.
The lender gives you a set amount to buy the house when you get a mortgage. You agree to pay back your loan over several years with interest. The lender still has rights to the house until the mortgage is paid off in full. Fully amortized loans have a predefined payment schedule so that the loan is paid off at the end of the term.
The difference between other loans and mortgage is that the lender can sell your home to cover its losses if you can’t pay it back. Compare that to what happens when you don’t pay your credit card bill: You do not have to return the things you buy with the credit card, but you may have to pay late fees to bring your account up to date, which will hurt your credit score.
Every mortgage deal can involve up to three parties, a borrower, a lender, and maybe even a co-signer.
Borrower
The person who needs a loan to buy a house is called the borrower. You might be able to apply for a loan as the only borrower or with a co-borrower. Adding extra borrowers with income to your loan may help you qualify for a more costly property.
Lender
A lender is a financial institution that gives you money so you can buy a house. Your lender could be a bank, a credit union, or an online mortgage company.
When you apply for a mortgage, your lender will look over your information to make sure you meet their standards. Each lender has its own rules about who it will lend money. Lenders must be careful to only give loans to people who are qualified and likely to pay them back. To do this, lenders look at your credit score, income, assets, and debts, among other things, to see if you’ll be able to pay back your loan.
Co-Signer
A lender may ask a potential borrower to find a co-signer for a mortgage if the borrower has bad credit or no credit history. This is the same thing as a co-signer.
A co-signer doesn’t just say that they know you and trust you. They are making a legally binding agreement to pay the mortgage if the borrower doesn’t repay the loan. This is true even if they have no ownership rights.
There are also the following types of help programs:
Debt settlement: People who cannot even make minimum payments on their credit card debt may consider debt settlement. With a debt settlement agreement, the credit card company agrees to accept less than what is due. This plan can be helpful, but it’s also a risky choice that will hurt your credit score and stay on your credit report for seven years.
Debt consolidation loans: This could be your best option if you have good credit. If your credit score is high enough, you might qualify for a low-interest loan to pay down your high-interest credit card debt.
Bankruptcy: This is a way to get rid of your credit card debt, but it will hurt your credit score for 7–10 years. In the years to come, it will be much harder to buy a house or get a car loan because of this.
Through the loan modification option, thousands of Maryland homeowners may be able to get help with their mortgages. You can lower the total amount you pay each month or your loan balance in some cases.
At Kurkland Law Group, we know that you need to be able to negotiate with your mortgage lender to finish this process. We also know that this process can be complicated and hard to understand.
But it’s in the bank’s best interest to work with you to make sure you can keep making payments on your home so you don’t default on the loan. Many homeowners find that an attorney who has already dealt with banks helps simplify the process.
We’ll look at your income and create a statement outlining your existing situation when you hire us. The loan modification process is governed by state legislation. You need a lawyer that understands the procedure and what it takes to successfully decrease your mortgage rate and offers you a successful loan modification.
Borrowers who have trouble negotiating with their lenders should see an attorney as soon as possible. If you become behind on your loan payments during the negotiating process, the servicer may reject your modification request.
Kurland Law Group is a winning combination of experience, passion, and dedication to clients. With a team of professionals and a successful track record, WE ARE the right choice.
Kurland Law Group has an excellent reputation for handling complex real estate transactions, commercial transactions, and business litigation.
We have provided legal services for thousands of satisfied clients in and around Maryland. When you’re facing foreclosure or other default forms, it’s natural to feel there’s no way out. But in fact, there are many different options available to you—and they don’t have to involve bankruptcy. Contact our law firm today to learn about how we can help you!
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