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Mortgage contracts contain numerous provisions that regulate the debtor- lender relationship. Debtors, who are often homeowners, investors, and business owners, are often not aware of these provisions until it is too late, when their lender places their loan in default. While there are federal laws that highly regulate the mortgage business, states such as Michigan afford debtors specific legal rights to protect them against unscrupulous lenders and defend against unwarranted foreclosures. As a result, one’s rights under a mortgage can be difficult to understand. Debtors must be very careful on how they interact with their lender, bank or creditor so as not to waive their legal rights.
Mortgages are legally binding agreements and have a complicated and lengthy legal history. Whether you are a homeowner or business owner, it is always best to have an attorney review your loan agreements BEFORE you sign your mortgage. The mortgage relationship is a long term one and it is in one’s best interest that when you buy or refinance a property, that you involve a real estate attorney like David Soble to help you navigate through the federal and state laws governing mortgages. This can help prevent later mortgage disputes that may occur at a later date, and avoid the stress of a foreclosure action.
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Frequently Asked Questions About Mortgages
Top Mortgage Questions.
Mortgages are complicated financial agreements that have far -reaching legal and financial consequences in the event of a default. If you are having issues with your mortgage, don’t wait! Call us today!
Can a mortgage company come into my home if I fail to pay on time?
In most cases ‘no’. However, if the property is considered abandoned, the mortgage lender has the right to access and secure the property, but not without the mortgage lender first giving notice to the property owner.
I have an equity loan on my home, which I am now behind in payments by several months. Can the bank foreclose on me?
Yes, they can foreclose out a home equity line. But whether it makes sense for them to do so will depend upon who holds the first mortgage and the amount of the first mortgage. Speak with one of Soble Law’s mortgage attorneys first before you do anything further.
Should an attorney review my closing and mortgage documents before I finalize my home purchase?
Yes. You are going to be obligated on your mortgage agreement and related documents for many years to come. Mortgage and promissory notes can be complicated and should first be reviewed by your attorney to ensure that the financing terms with your bank are what you indeed bargained for.
What is the difference between a judicial foreclosure and a foreclosure under "power of sale"?
A judicial foreclosure requires court approval and confirmation before a lender can foreclose on a property. This process is most common in business and commercial loans. A foreclosure under ‘power of sale” means that the lender can initiate a foreclosure without a court approval. There are costs and benefits with both types of legal procedures and it is best to speak with a real estate attorney before you are involved with the process.
How long do I have to fight a foreclosure after my home has gone to sale?
You only have through the foreclosure redemption period to bring an action against a bank or lender for improper or illegal foreclosure. Courts have ruled that once the mortgage is extinguished after the redemption expires, the former borrower lacks any rights to bring a legal action. Get with a real estate and finance attorney as soon as you recognize that you may have a problem.
A Word About Mortgages
Free EBook Offer
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The No-Nonsense Guide To Saving Your Home
David Soble’s “Getting Out Of Foreclosure” is a timely publication for homeowners facing the overwhelming foreclosure process. Drawing from nearly 30 years of experience as a dedicated real estate attorney and real estate finance professional, David packs his handbook with realistic, no-nonsense advise for homeowners losing their home.
Getting Out Of Foreclosure was written for people with little or no knowledge of the foreclosure process. This book will:
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Real Estate Law
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Contracts regulate expectations between parties. Working without a contract is comparable to walking a high wire without a net.
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David, I anguished for months over my problem. Had I not called you, I don't think I would have gotten it resolved. In less than 2 weeks you negotiated a fair settlement for my business. I'm so happy and my employees are happy. Thank you!
Rhoda St. Luce
"Attorney David Soble lives up to his firm's namesake, "Proven Resource." I appreciate knowing that when my clients need a diligent and responsive real estate or contracts attorney, I can easily make the referral to David, David is well worth having on your side."
Financial Adviser, Brighton, MI
"David is a highly reliable resource for real estate and lending cases. As a real estate lawyer and successful investor, he not only "talks the talk," but also "walks the walk," providing his clients unparalleled insight on how the law directly affects their daily business success. When "the situation is critical" call David."
Environmental Attorney, OH
"David Soble is an unmatched resource for all things related to real estate finance and law. He's dealt with nearly every type of transaction, loan, property, lender, seller, and buyer. He's seen it all and knows the intricacies of creating a successful resolution for his clients. If you need creative and determined counsel, I highly recommend David."
Business Mgt. Consultant
"As a busy small business operator, I can tell you that David's legal efficiency and his sensitivity to our financial resources is very much appreciated. His real estate advice is spot on and I know that when working with him that I am getting a great return on my investment. When in doubt, call David. He's worth every penny!"
HVAC Owner / Operator
"If you have a legal problem with your bank loan or mortgage, you can't go wrong by calling David Soble. His legal experience in the real estate and lending community is exceptional. I have had only positive experiences. His approach to client service is an added bonus."
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My name is David Soble, and I am a real estate and finance attorney serving in Michigan and Ohio. Every week I receive quite a few legal inquiries as they relate to real estate law, contracts and financial disputes. I sort through what I believe to be the most...
I am in receipt of this inquiry from Susan L. from Walled Lake, MI. Back in 2005, Susan and her mother and purchased a small home in Wolverine Lake. They lived in the home together until this year when Susan purchased her own home. Recently, when Susan was going...