When you are in the business of lending borrowers money secured by their real estate purchase, it might seem as if borrowers who fail to pay are able to drag their cases out for a long time, making you lose money. Property owners might find that they are waiting months for the case to proceed through court, preventing them from selling the property during a peak in the market. In other cases, rental properties may not be leased out while a resolution is pending, which increases the owner's losses.
In addition to legal costs, property owners may need to have a property inspected and properly maintained while the action is pending. In some cases, you may need to complete a writ of possession and take measures to reclaim the home by enforcing the mortgage lien.
While laws are in place in order to protect the rights of mortgage lenders, navigating all of the legal issues involved can be very complex. At Yigal Rifkind, Barrister & Solicitor, we try to help our private mortgage lending clients reach satisfactory, efficient and quick resolutions, when debtors become seriously delinquent in their mortgage payments. In some cases, we help obtain payment for short sales.
Our firm could help you draft notices of writ and possession. We are also familiar with the other types of documents that our clients may need when they are seeking a resolution. If you would like to learn more about the rights of private mortgage lenders and how our firm might be able to help you, we have gathered additional information on our mortgage enforcement page.
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