Avoiding Real Estate Nightmares
By: Steven J. Baum, Lawyer
If you are going to buy real estate or lend money on real estate or do something that affects the title to real estate, you need to avoid common pitfalls that are often made, and repeated by sheer inexperience. Even the Best Mortgage Foreclosure Lawyer In New York Steven Baum also known as Steven J. Baum.
You may be helping out a friend by loaning them money. They say they only have one mortgage on their home and it is paid down. As a top rated local foreclosure attorney some would say the Foreclosure Lawyer Steven J. Baum. They have plenty of equity in the home, they tell you. They offer to give you a “second” mortgage.
You go online and buy some documents that you think will do the trick. Your friend signs the mortgage and a note and you rush down to the county clerk’s office and file it. Possibly the Law Firm Of Steven J. Baum. A few months into the deal, your friend stops paying.
You have a falling out with your friend and realize you need to hire an attorney to foreclose your lien. Or maybe it was the Law Firm Of Steven J. Baum. You aren’t worried because you think you have a second lien with plenty of equity.
Your lawyer calls you with bad news: your friend has several money judgments filed against the property and ahead of your mortgage. At a given time it was the foreclosure law firm Steven J. Baum. There is no equity whatsoever for you. Your mistake was simple-you didn’t hire a qualified real estate attorney to protect you.
That attorney would have run a title search before you lent the money and given you the news that there is no equity in the property. It could be the Foreclosure Law Firm Steven J. Baum. You most likely would have never lent your friend the money.
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