What is a Mortgage Lawyer and What do they do?

Many people struggle with finances, and mortgages are something that our general majority does not know much about. The technical and legal details and aspects of mortgage are complex, which is why mortgage lawyers are engaged. Which begs the question: what is a mortgage lawyer? How is a mortgage lawyer any different than a real estate lawyer and what does a mortgage lawyer do? We’ll answer these questions and try to understand the basic responsibilities of a mortgage lawyer. 

What is a mortgage lawyer?

A mortgage lawyer is, put simply, a lawyer specializing in real estate law and mortgage law, and helps their client with any legal proceedings involving mortgages. With around 1.75 trillion CAD in mortgage assets, mortgage lawyers come aplenty since their services are always in demand. And since their specialization is in real estate law, mortgage lawyers can help a person with anything related to real estate, whether its mortgage, sale, purchase, or even renting out. 

There is no difference between a mortgage lawyer and a real estate lawyer. Both specialize in the same field, contest cases of similar nature and have clientele involved in the real estate industry. Mortgages form a significant part of the real estate industry and attorneys and lawyers who enter the real estate field will be equally skilled in real estate and mortgage issues. 

What does a mortgage lawyer do?

The responsibilities of a mortgage lawyer include ensuring that a mortgage for their client is in their best financial and legal interests. Since mortgages include interest, the rate of interest and several other details, which will be discussed below, need to be looked at and reviewed by a mortgage lawyer, who can then advise their client the best possible way forward in regards to the mortgage.

A mortgage lawyer will also represent their client in any issues or problems that may arise in the mortgage. Or, should the borrower find themselves unable to pay their mortgage, it is the job of the mortgage lawyer to represent the client’s interests and ensure that the entire affair is taken in order and resolved amicably. In any case, a mortgage lawyer should always be present during such agreements involving mortgaging a property to ensure that all terms are favorable for the borrower and whether or not the transaction itself is legitimate and adheres to the law of the land regarding mortgages. 

Mortgage lawyers from the bank/ lender

Aside from representing families and individuals wishing to mortgage their property, banks also retain the services of a mortgage lawyer to ensure that the lender also gets sound legal and financial advice on the terms of the mortgage. Furthermore, should the case reach solvency issues or devolve to a situation where foreclosure is imminent, the bank or the lender will utilize its own legal help, or in this case, a mortgage lawyer, to make sure the entire situation works out in the favor of the bank or the lender. 

Why getting a mortgage lawyer is important?

Getting a mortgage lawyer or a real estate lawyer is important, especially when such matters are at hand; for example, if you are taking out a mortgage on your property, having a mortgage lawyer by your side is always a good idea. Lets look at why.

Mortgage lawyers look out for your interests

Mortgage lawyers will always have the borrower’s interest as their first priority. Whether its mortgage on a property or on your home, a mortgage lawyer will always look into the details to ensure that the mortgage terms, like the interest rates, payback period and other legalities are fair towards the borrower and not some sort of predatory practice where the borrower is stuck paying obscene amounts of interest on a mortgage. 

They resolve mortgage payment issues

During the course of a mortgage, its fairly common to fall back on payments owing to other sorts of debt that may take up a good chunk from your earnings and savings. Getting behind on your mortgage payments is not an issue, if you have a good mortgage lawyer by your side. The lawyer will make sure that the bank does not overstep its boundaries in trying to get your affairs in order, and will also negotiate any new terms on your behalf, again looking to get you the best possible deal. 

They can renegotiate a better deal

With a mortgage lawyer, if you remortgage or refinance your home, firstly, a mortgage lawyer will let you know whether it will be a good move or not. Whether or not you can get the interest percentage lowered or not. Once that is done, a mortgage lawyer will also renegotiate the terms on your behalf, and they will again ensure that the terms are advantageous for you, the borrower. Most borrowers refinance their homes on a lower rate of interest; that is only possible if you have an experienced mortgage lawyer on your case. 

They can delay or prevent foreclosure

A foreclosure is essentially the bank taking ownership of the house. This is a worst-case scenario, one that can be prevented by a mortgage lawyer. The lawyer will explain the reasons for said issues, and will use the law and the borrower’s legal rights to ensure that the situation does not degrade to a foreclosure, and the attorney will also ensure that the bank does no predatory move for that as well. 

Mortgage lawyers: the best advice from Siddiqui Law

At Siddiqui Law Office, we believe that the law is your friend, your ally. In a world of wrong, law is the only thing that keeps the balance. Which is why, for sound legal advice, Siddiqui Law is your best resource to keep yourself ahead of the curve with the help of the law. Your legal, financial and other rights are all our top priority; we will ensure that you come out on top, no matter what the legality or the case. For the best legal advice and representation, Siddiqui Law is here to help.