Most banks will not lend you cash for a new mortgage without the services of a qualified, licensed Real Estate Attorney. An experienced attorney is adept at navigating through complex housing finance issues and can help guide you through the maze of requirements that must be met in order to qualify for a loan. An experienced attorney can also work on your behalf if you have been turned down by a lender and are facing foreclosure proceedings. An experienced attorney may be able to negotiate a restructuring that may keep you in your home.
Many individuals are unaware of the fact that in order to qualify for a New York mortgage, an investor must purchase a property for less than the prevailing market price. A real estate professional is adept at navigating the complex home-buying transaction laws of New York and understands how to fill out the correct forms. In most cases, individuals purchasing homes in New York do not need the services of an attorney; however, it is advisable to consult with one during the purchase process. An experienced attorney will know how to fill out the loan documentation (as required by New York) and will know when and under what circumstances a buyer needs a Real Estate Attorney’s intervention. An experienced real estate attorney may also be able to negotiate a restructuring that may keep you in your home.
The role of the real estate attorney in the closing process is especially important. Prior to the closing of the transaction, the attorney may review the agreement for any defects that could hurt the buyer once the property is transferred. If the buyer is unable to make his payments on time, the lawyer will exercise his rights as a lender and foreclosure proceedings will ensue. A buyer who is faced with foreclosure cannot obtain a loan until after the transaction has closed. As such, the real estate attorney must act quickly to stop foreclosure and obtain a deficiency judgment from the courts in order to prevent the lender from reporting the default to the credit reporting agencies.
On the flip side, when a home seller fails to pay his or her delinquent home sales obligations, the lender may pursue the home owner for payment. The Real Estate Attorney will act on behalf of the home seller and attempt to stop the sheriff sale on the house. Again, the Real Estate Attorney will need to review the deed of trust for any defects that may need to be remedied before the home seller is released from the mortgage. In some instances, the Real Estate Attorney may need to file a motion in the courts to prevent the sheriff sale from taking place.
Because Real Estate Agencies regulates the buying process in the state, buyers can rest assured that they are not being cheated by a Realtor when buying property. However, the buyer must still research the laws pertaining to the state law regulating the Real Estate Agency in order to ensure that he or she is not signing any contracts or agreements in violation of state law. The buyer can hire a real estate attorney to guide him or her through the buying process.
Although the short sale process can be time consuming and difficult to accomplish, the outcome can be beneficial to the seller and the buyer. Therefore, both parties should consult with Realtor’s before taking any action. When engaging in the short sale process, real estate attorneys need one another as they will both have valuable information and experience relating to the short sale requirements.