Financial Disputes
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Most financial disputes concerning real estate revolve around mortgages and liens. A mortgage is a legal agreement by which a bank or other creditor lends money at interest in exchange for taking a lien on the debtor’s property, with the condition that the mortgage is cancelled upon the loan being paid off by the debtor. Mortgages are taken by banks, lenders or creditors, on all types of Michigan properties: rural, residential, commercial and industrial.
Mortgages are secured by a promissory note requiring the debtor to make timely payments to the lender. Failing to pay timely or to comply with other mortgage provisions such as maintaining insurance or paying property taxes will allow a lender to place a mortgage in default. The most powerful remedey that a lender has as a remedy to obtain it’s monies back from the debtor is to declare a default and foreclosure on the mortgage. Michigan foreclosures are either done judicially or by advertisement.
Common problems that create mortgages disputes are:
- The mortgage loan is sold and the new lender may not properly abide by the terms of the original mortgage;
- Tax or insurance escrows are miscalculated by the lender, increasing the debtor’s payment unexpectedly, thereby creating a debtor’s financial distress.
- A change in the debtor’s financial circumstances occurs and the lender refuses to work with the debtor to modify or temporarily adjust payments.
David Soble and his team have decades of experience successfully dealing with lenders and creditors and successfully resolving financial issues. Decide for yourself by giving us a call today at 888.360.8466.
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Top Financial Dispute Questions
Money can get in the way of sanity and relationships. Don’t let it. Call us to be a meditator, or to help you resolve a financial disputes that need the knowledge and space to do so.
What do I do when I don't have the paperwork to dispute an business agreement between my sister and I?
While it is best to have written agreements between parties, not all agreements need to be in writing. Lawyers can look to other documents such as emails, texts, letters, or even another party’s performance to establish a legally binding contract.
If I guaranteed a loan for my husband's business, can the bank go after me before they sue the business?
That will depend upon the loan documentation and the provisions that were negotiated at the onset of the agreement. How you will be treated will depend upon the default provisions of your loan contract.
Is it possible to negotiate a settlement even after a creditor has started a lawsuit against me?
Yes, it is always a good possibility to resolve a claim even during litigation. It is best to reach out to an attorney to set the parameters of the settlement and orchestrate the terms of a mutual release.
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