Mortgage Mistakes – Part II – Shop Around But Be Careful

Many prospective home owners get conned with regard to too good to be true mortgage deals. Mortgage deals that are too good to be true often involve negative amortization. This is when the principal amount you owe goes up every month because you are not even paying the entire amount of the interest on your home. Interest-only mortgages also should be avoided if possible. In an interest-only mortgage the amount you owe never decreases.

Locking In Mortgage Rates

Mortgage rates can change on a daily basis. They can go up or they can go down. If you like the mortgage rate that has been offered to you, you should speak to the mortgage broker or the individual handling the mortgage and have the rate locked in. Once the rate is locked it is guaranteed for a specific period of time. You should also make sure you receive the lock-in of your mortgage rate in writing.

Hire The Right Lawyer

Buying a home may be the largest single purchase you make in your lifetime. You should speak to friends, relatives, and do online research to make sure you are hiring an experienced and well thought of attorney. The attorney will be in a position to assist you in through all aspects of your home purchase as well as advise you with regard to the mortgage process.

Foreclosure Lawyers

If you have foreclosures problems, the Law Office of Elliot S. Schlissel can help you. Our law office represents individuals with regard to all aspects of mortgage modifications and foreclosure related issues. We attend foreclosure settlement court conferences for our clients. We litigate issues concerning defective foreclosures law suits, predatory lending, foreclosure fraud, and other real estate problems. We represent our clients in filing foreclosure related bankruptcies when appropriate. The filing of a Chapter 7 or a Chapter 13 bankruptcy can stop foreclosures from moving forward. In some situations these bankruptcies can eliminate second mortgages, stop debt collection practices and eliminate creditor harassment. At the end of the bankruptcy process we can assist our clients in reestablishing credit. Call us for a free consultation. We can help you save your home!

Valley Stream, Lynbrook, Baldwin, Malverne, Freeport, Oceanside, Long Beach, Elmont, Lakeview, West Hempstead, Hempstead, Merrick, Bellmore

We represent individuals throughout the New York Metropolitan area with divorce and child custody, personal injury, car accident, wrongful death, estate administration, nursing home and medicaid issues

The information you obtain at this website is not, nor is it intended to be, legal advice. You should consult an attorney for individual advice regarding your particular legal issue. This is attorney advertising.

Copyright © 2017 By The Law Office Of Elliot Schlissel. All Rights Reserved. Concept, Design and Hosting by GetLegal Web Development Team.