How a Lawyer Can Help You Refinance Your Mortgage

Mortgage refinancing provides homeowners with a way to save money on their loan. There are many good reasons a person may want or need to look into refinancing their original mortgage. For example, the interest rates may now be considerably lower than at the time when they bought the house. A homeowner’s credit score may have improved too, now making them eligible for a lower rate. They may also need additional equity to make renovations of the house. In addition, due to some economic hardship, a person may no longer be able to meet the terms of the original mortgage and has fallen behind on their home loan payment, perhaps even facing foreclosure.

While obtaining a mortgage modification can help in any of the scenarios mentioned above, it doesn’t come without additional costs or even risks. People who are not aware of them may easily fall for a refinancing plan that not only won’t help them, but could actually cost them more or throw them deeper into debt. The safest way to go about refinancing your mortgage is to enlist the skills and assistance of a professional real estate attorney. In this article, we will explain how a lawyer can help you refinance your mortgage.

Double Checking All Your Paperwork

Mortgage refinancing requires a lot of paperwork. You will need to be able to present a variety of documents to prove your financial eligibility for the new loan. These may include proofs of income, insurance documentation, credit information, total assets, and many more. You will also be required to fill out application forms. If you go into mortgage refinancing on your own, you may quickly lose track of all the needed documentation and you may make mistakes filling out the required paperwork. This may even lead to a denial of your mortgage modification application.

Working on your application with a real estate attorney, on the other hand, will take a great emotional and intellectual load off your shoulders. You will no longer need to worry if an important document is missing from your application or if you correctly filled out all the required forms. In addition, a lawyer will help you present your financial situation in the best possible light, greatly increasing the chances of getting the mortgage modification terms you need.

Providing Legal Protection

A homeowner who is facing foreclosure and seeking to avoid it by applying for mortgage refinancing with their bank may fall prey to an illegal practice called dual tracking. Dual tracking means that the bank is purposefully prolonging the mortgage refinancing process under false pretense while at the same time continuing to pursue the foreclosure. Dual tracking is equal to acting in bad faith and was officially prohibited by Consumer Financial Protection Bureau (CFPB) in 2013.

If you suspect that your bank may be guilty of dual tracking on your loan – for example, you are constantly being told that an important piece of documentation on your refinancing application is missing, or given new forms to fill out again and again – please contact us immediately. We will investigate your situation and if the foreclosure has been started, we may be able to help you to stop it before it’s too late.

Providing Needed Counsel

Many who pursue mortgage modification find themselves in a challenging financial situation, perhaps even facing foreclosure. While refinancing is one of the options that may help, it is not the only one available. A real estate attorney will closely analyze your situation and advise if you should pursue mortgage modification, whether it is possible to fight the foreclosure in court, or if you need to give up the property in a short sale. Pursuing any of these scenarios on your own is risky and can lead to additional financial damage.

Enrique Fernandez – The Real Estate Attorney You Need

If you are looking into mortgage modification, contact the attorneys at the Law Offices of Enrique J. Fernandez. We have ample experience in assisting homeowners with refinancing their mortgage in a way that suits their financial needs and expectations. We have helped hundreds avoid unnecessary foreclosures and we offer our professional and honest services to you. Call us today at (305) 226-4529 or contact us via our website.

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The Law Offices of Enrique J. Fernandez, P.A.

Enrique J. Fernandez is a trusted real estate attorney and title agent serving the people of Miami, Florida and the surrounding areas. If you or one of your clients is looking to buy or sell real estate, we are here to help ensure everything goes as smoothly as possible throughout the entire process.

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