What is a mortgage?
A mortgage is a loan which is often used to buy a home or secondary property. Mortgages allow the lender to take possession of a property if you as the borrower do not repay the loan on time, and this way allows the property to act as the security of the loan. In most cases, mortgages are large loans which take years to pay off using a structured payment plan. When you have successfully applied for a mortgage moan you become the mortgagor whilst the lender, most likely a bank, becomes the mortgagee.
Do I need a lawyer to renew my mortgage?
Even though the mortgage renewal process can be relatively straightforward, if you would like to ensure that all your mortgage needs are met, it would be wise to consult a real estate lawyer. Each time there is a mortgage renewal, there is an opportunity to assess the current term and renegotiate the terms of the contract.
There are also specific cases where legal advice and services are required. These include refinancing or increasing your existing mortgage beyond the original limits or discharging your former mortgage.
Do I need a lawyer to refinance or increase my mortgage?
It is always recommended to consult a real estate lawyer when it comes to refinancing or increasing your mortgage. Even though refinancing services can now be found through financial institutions, it is always a good idea to have a lawyer look over your mortgage. Our real estate lawyers walk you through all the necessary steps to make sure you and your bank have a properly registered mortgage, and to ensure that the mortgage is discharged when needed. Some of the benefits of utilizing a real estate lawyer when increasing or refinancing your mortgage include:
Having your mortgage loans and it terms and conditions reviewed
Registering your new mortgage
Conducting a title search to ensure there are no liens against your property
Facilitating the entire financial transaction between you and your lender
What happens if you default on your mortgage?
If you default on your mortgage, the lender has the right to go to court to take the property or sell the property in order to pay the mortgage debt. This process is called foreclosure. If foreclosure is necessary, the mortgagor needs to be aware that the lender does not care about getting fair market value for the property or might what be left to you as the mortgagor, but only obtaining the amount that is due. Therefore, it is important to take quick action if you’re having difficulties paying your mortgage.
Need help from a mortgage lawyer?
Our legal team is here to help you with your mortgage. We understand real estate law and can make sure that all your bases are covered!. We are here to support you with every step.
You can contact us here and we will help you out.