Disputes with a Mortgage Lender

If you are in the process of buying a home, then you may need to dispute discrepancies or difficulties with a mortgage lender. A mortgage lender is a group or a person that provides money to a borrower during the closing phase of the home sale. This is in exchange for the mortgage loan, which the borrower uses and then promises to repay bit by bit in the future. Oftentimes, mortgages are backed by a lien on the property.

Typically, repayment terms will depend on the specific terms that are listed in the mortgage contract. Mortgage lenders normally come from financial institutions. This can be a bank, or a mortgage company. Lenders are different from brokers, because the lender actually provides the money for the transaction. A broker, on the other hand, is the party that offers the loan products of many different mortgage lenders. While lenders and brokers often work together, they are not necessarily the same thing.

Mortgage lending is almost always necessary when buying a home. While mortgages are a great way to facilitate a sale, they can be tricky and issues can sometimes arise. In some cases, you may run into a contract disagreement with your lender. This is a mortgage loan agreement that should be formalized into a written contract. If you are not presented with a written document, or if you have any contentions over any terms in the contract, then you may have a legal cause of action against your lender.

This would be an excellent time to hire a real estate lawyer to look over the contract or investigate a situation with a lack of a contract for you and determine whether or not you have the right to sue. You may also encounter a mortgage lender dispute if you were discriminated against. Mortgage lenders do not have the right to discriminate against a borrower based on his or her gender, sexual orientation, race, national origin, or more. If you believe that you were treated in a discriminatory way, then you can contact an attorney promptly for more information.

Also, if you are a victim of predatory lending then you have a case. This occurs when fraudulent lenders target first-time buyers and motivate them to waste their money on unneeded additions to their mortgage. Normally, mortgage lenders who commit this crime will target younger buyers or elderly buyers who may be vulnerable to agreeing with what the mortgage lender says. The lender will convince the victim that he or she needs to pay extra for unnecessary and pointless services.

Besides predatory lending, there are other types of mortgage fraud that you may fall victim to. These include the use of fake documents, or the use of fraudulent tax information. Because mortgage fraud is a possibility, all potential borrowers should take care to review their contract carefully before signing anything. It is important that buyers raise any questions and concerns regarding the loan and the property involved.

Even if mortgage lenders are abrupt and act bothered by the questions, it is always better to be safe, rather than sorry. If you encounter a dispute with a mortgage lender, then you may need to take legal action to get the issue resolved. You should start the process by reviewing your mortgage document. Also, you will want to contain witness statements and compile any other documents related to the mortgage agreement and the home sale. Also, make sure to hire legal representation to help you with your case today. You will want an accomplished real estate lawyer to insist on fairness in your case!