Before availing of a Pompano Beach Mortgage, it is important to understand that mortgage lending is regulated by different Federal laws. What’s more, many mortgage lenders forget to follow these laws which can leave you (the borrower) stuck with a problematic mortgage. Fortunately, even if this leaves you in a foreclosure situation, you can still find the right solution by following a few steps.
You need to, first of all, find out whether your Pompano Beach mortgage involves purchase money mortgage or is it a refinance. In the former case, these will normally close at the same time as your purchase. Refinance on the other hand means that your loan was originated after you actually owned your property. For each instance there are different laws that apply and so it is important to know which type of mortgage you have taken.
It is also important to know the period of time that has elapsed since you loan closed. There are certain instances in which you (the borrower) can rescind your loan up to 3 days after it was closed. Therefore, timing is very important because after three days you will not be able to rescind the loan.
It is also important to know whether the Pompano Beach mortgage lender gave you incorrect, false or even misleading information. If you were misled you could end up with an ambush closing, and in such cases you can claim that you are a victim of mortgage related fraud.
Other aspects to ensuring that your lender did not shortchange you include finding out if your payments and escrow accounts were handled correctly. Your mortgage lender could have charged you late fees even though you made your payments on time.
Therefore, you need to be sure that you have put together the correct documentation which includes closing and billing and escrow details. Next, show this documentation to those who understand Pompano Beach mortgage loans so that they can advise you how to defend a foreclosure in case it has been filed.
First Nationwide Lending is currently offering a variety of Pompano Beach mortgage products for residents and individuals looking to relocate to the Pompano Beach Florida area.