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A mortgage lawyer specializes in protecting his client's interests in a mortgage transaction. When a mortgage lawyer represents a client who wishes to take out a mortgage, he reviews its terms and advises his client on the nature of the mortgage. He may also represent a client's interest if there is a problem with the mortgage or it appears that the client might not be able to make her mortgage payments. On the other hand, this type of lawyer may represent lenders, working with them to set mortgage terms and representing the lender in cases of default or foreclosure. In either case, the mortgage lawyer is familiar with mortgage and real estate law and is able to assist in ensuring that a mortgage transaction is legitimate.
Most home buyers are familiar neither with mortgage terms nor their legal obligations during and after taking out a mortgage. Real estate lawyers specialize in providing real estate and mortgage legal advice to home buyers so that they are better able to make good decisions about the homes they buy and the mortgage terms to which they agree. Mortgage contracts are typically drawn up by a mortgage lawyer representing the interest of a mortgage lender. As such, a prospective home buyer benefits from hiring a mortgage lawyer to review the contract in order to discern how it will affect the home buyer's interests. While it is possible for a home buyer to complete a mortgage transaction without the advice of a lawyer, doing so presents great risks to the buyer.
In some instances, homeowners may find that they are unable to meet the terms of their mortgage. This can happen in situations where the homeowner has experienced a significant loss of income, his interest rates have risen precipitously, or the value of the home has decreased dramatically. A good mortgage lawyer can advise the homeowner on her options and whether it is in her best interest to attempt to save the home or to find a way to end her commitment to paying her mortgage. If the homeowner wishes to save his home, the mortgage lawyer may be able to negotiate changes to the mortgage terms. If it is not in the homeowner's best interest to continue paying the mortgage, the mortgage lawyer may be able to arrange for a short sale or deed in lieu of foreclosure as alternatives to the more financially damaging option of foreclosure.