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What does a home borrower do when his real estate loan is mishandled by the lender? How do you dispute irregularaties?

The first thing that a home borrower must do when there are mortgage disputes or mortgage irregularities is to personally call and speak to a representative of the lender in an effort to resolve it. Following the initial conversation, make notes and follow up with a letter confirming the discussion. Keep a copy of the letter for future reference. Going forward, it is valuable information should there be a later appeal.

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Rights When Your Home Mortgage Loan is Sold and Assigned to Another Lender

The practice of selling or transferring the servicing of your mortgage loan is very common in the mortgage industry and your mortgage servicing can be transferred more than once during the life of your loan. Whether or not a borrower has any rights to object to and perhaps stop an assignment of his or her loan for servicing or ownership depends entirely upon the written agreement between the borrower and the lender for the loan. Simply put, if the written documents do not prevent the lender from selling the loan to the borrower and its servicing rights, the borrower has no rights to stop the transfer and assignment.

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What is a second mortgage?

A second mortgage is just that – it is an additional mortgage on a house or other property where the original mortgage is still in effect. The term “second mortgage” denotes the loan’s priority in getting paid upon default. If you fail to pay your mortgages, and your home is foreclosed upon and sold to pay off the loans, the original mortgage will be paid before the second mortgage.

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Bankruptcy and Legal Implications of Loan Modification

All of the recent talk about loan modification has raised as many questions as it has answered. Can you get a better loan modification deal through bankruptcy? Will a loan modification damage your credit? Do you have a legal right to a loan modification? What information will you need in order to get a loan modification?

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