Property & Mortgage in UAE

WHAT LEGAL ISSUES CAN ORIGINATE WITH REFERENCE TO MORTGAGE LENDERS?

As stated before, countless legal issues may arise as respects to a mortgage lender, most usually owing to a breach of the loan agreement. A loan agreement is analogous to the other contract; this indicates all breach of contract remedies are available, should a party breach the contract.

Common samples of legal issues which will arise when handling with a mortgage lender include, but aren’t limited to the following

Foreclosure

The foremost common legal issue that comes between a mortgagor and mortgagee is when the mortgagor is behind on making payments on the mortgage, which results to foreclosure. In brief, foreclosure is the procedure where the lender acquires the borrower’s property and sells the property at a public auction so as to fulfill the borrower’s debts;

Mortgage Fraud

Mortgage fraud happens when fake or false information is provided on an application. Primarily if you are lying on your mortgage loan application, you may be charged with the crime of mortgage fraud. In addition, mortgage lenders can also be bristling with mortgage fraud, such as faking a mortgage contract. If a mortgage lender perpetrates mortgage fraud, the mortgage borrower can use the real estate loan bogus as a legal defense to foreclosure;

Predatory Lending

Mortgage lenders sometimes target susceptible buyers, like first-time borrowers or elderly borrowers, and offer them loans at abusively high interest rates or unreasonable loan terms;

Discrimination

Mortgage lenders are prohibited from discriminating against the borrowers on the basis of their race, gender, religion, national origin, or other federally secured features under the Fair Housing Act and Equal Credit Opportunity Act. Both federal acts assist to secure a borrower from being discriminated against while searching our mortgages or loans.

As can be seen, there are many conflicts that will occur with a mortgage lender. Therefore, it’s significant to attentively analyze your mortgage lending agreement prior to signing the agreement.

Accordingly, you should feel free to ask questions and voice any concerns that you might have to the mortgage lender, in order to prevent any of the aforementioned problems from happening.

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