What does a Mortgage Attorney do?

A mortgage attorney is an attorney who deals with a variety of issues that have to do with the mortgage of a home. Perhaps the most common duty of a mortgage attorney is to work with a lending company to modify the loan should the borrower risk default. Doing so allows the delinquent borrower to keep his or her home and the lending company is assured that it will be paid. Additionally, a mortgage attorney may help a buyer acquire a mortgage along with all the necessary procedures to purchasing a home. Last, a mortgage attorney may assist a person who is the victim of mortgage loan fraud.

A foreclosure action can tear apart a family as they live under the constant threat of losing their home. Mortgage attorneys are often employed to solve this issue through negotiation with the lender. Typically, this process starts by the attorney contacting the lender on the behalf of the borrower and discussing possible payment plans. Attorneys in this field understand the laws surrounding mortgages as well as what the lenders are concerned with, so they are much better able to work out an amicable solution than a delinquent borrower who decides to go it alone. Furthermore, lenders would prefer to work out a payment plan as foreclosure is an expensive process and full satisfaction of the debt is never guaranteed.

A mortgage attorney does not just work with borrowers who have fallen behind in their mortgage payments. He or she may also be employed to help in the process of purchasing a home. In fact, some jurisdictions require an attorney to clear the title to the property and coordinate the mortgage between the borrower and the lender. Additionally, he or she may be asked to review the mortgage agreement as well as the contract to purchase the home.

A different kind of mortgage attorney is one that deals with mortgage fraud. Mortgage fraud is perpetrated in a variety of ways, including using the stolen identity of another to acquire a mortgage and falsely inflating the value of the collateral provided by the borrower. Lenders may employ such mortgage attorneys to litigate the issue and acquire damages and a voiding of the loan. Many jurisdictions have made such fraud a serious criminal offense and offenders may not only face having to give up the property and pay damages to the lender, but they may also face jail time.