Ann Arbor Real Estate Attorney

The most obvious reason for hiring a real estate attorney when you already have a real estate agent/broker is that the latter is not an attorney! Not only can a real estate attorney interpret the considerable amount of perplexing legal documents that have been thrust into a buyer’s or seller’s hands at closing, but an attorney is also the only one who has the strictest duty of loyalty to your interests and no one else’s.

An agent or broker is important to the transaction in order to help you find the right house or the right buyer for your house. An agent or broker may have many years experience in the real estate industry, attending hundreds of closings without any problems whatsoever and without attorneys. But it is for those unforeseen, out of the ordinary circumstances in which a buyer or seller needs an attorney most, and usually without delay. By the time a buyer or seller needs a real estate attorney, it may be too late!

Attorneys have no other loyalties than to their clients, regardless of how much a transaction is worth. Logically, if the transaction is worth a great deal of money, the commission for agents or brokers will be greater, giving them a greater incentive to provide their utmost efforts. The same may not be true for a transaction of lesser value. A real estate attorney on the other hand has the exact same duty of loyalty to a client involved in a transaction of lesser value compared to any higher value.

It may be best for buyers or sellers to think of an attorney as part of their insurance policy on the house as they proceed. In the best of circumstances, attorneys can help their clients navigate the complexities of the many and various documents a buyer or seller must endure, making helpful suggestions to protect their client’s interest. In the worst of circumstances, attorneys can help their clients file legal documents quickly to avoid paying hefty fines or clouding on property title. 

Peter T. Roach is a Long Island real estate lawyer who advises home buyers and sellers. For more information on how to buy or sell your home, call 516-938-3100 or visit http://www.roachlawfirm.com.

How To Fasten Up The Loan Modification Process ?

Foreclosure is always a race against time. Although a home loan modification can slow the process, you have fewer options the longer you wait. Not all lenders have the staff or experience to handle Loan Modification. Even with a capable attorney, the process can drag on for months.

But you don’t have to sit and wait. There are some things you can do to speed up the process. Once your home loan modification is under way, these steps can help you get more positive results.

1. Put everything on paper. It’s not uncommon for lenders, especially smaller ones, to lose track of your application. To prevent delays, make sure all your efforts are documented and kept on file. This includes all the calls you make and receive, both from your lender and loan modification attorney. Keep receipts of all your transactions, and make copies so you don’t have to let go of the originals.

2. Do your own financial statements. Part of every home loan modification is a financial worksheet, which will be your main basis for qualification. Most lenders have their own forms, but it won’t hurt to make your own as well. If your lender insists on using their worksheet, at least you’ll have all the information ready.

3. Be as detailed as possible. Too much information is better than too little, and it limits the chances that they’ll call you for more information. A typical worksheet for a Mortgage Modification will include the following:

-Your contact information (address, home phone and work phone, fax and email)
-Information about your property, including the estimated value
-Your current income
-Any additional income, such as welfare, child support, etc.
-Your estimated total value, including other assets such as real estate, investments, savings and checking accounts, IRAs, 401(k), stocks and bonds
-Liabilities, such as existing loans, monthly bills, medical expenses, and tax liens

4. Keep all your bills. The financial worksheet will require you to dig up old bills and hold on to the ones that keep coming. This will help you keep the information as accurate as possible. You may also need to present these bills (or copies of them) along with your hardship letter, which
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explains why you need a mortgage loan modification. Even if they don’t ask for it, it’s best to include them anyway. That way, there’s no reason for your lender to doubt your statement. The more proof you have, the better your chances of getting that home loan modification.

Be sure to submit as much truthful and verifiable information to your loan modification attorney so they are able to compile the best case to submit you your lender.

By: Loan Modification Attorney

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The Loan Modification Department is composed of a team of Loan Modification attorneys, Real estate professionals, and hardship analysts. Our lead attorney, Mark R. Tow, is an experienced lawyer specializing in Loan Modification and RESPA and TILA violation cases.
For a Free consultation talk to our Loan Modification Attorney

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