Missing out on the fine print when it comes to any product seems to be the norm these days which has led many a customer astray. Being deceptive in nature with its small print, one is not able to read important details that might alter his/ her perception of the product’s value. Often these practices that are used by several industries leave the customer having to bear the brunt of their actions for no fault of theirs. And it’s unfortunate that homeowners these days can also succumb to the loss of property through foreclosures if they don’t read the fine print as well.
For starters, a mortgage foreclosure occurs when a person, group or company owes money to a lender and cannot afford to pay it back and in which case, the lender will be forced to sell off the house in order to cover the amount of the loan that hasn’t been paid off yet.
Strangely enough, with a string of foreclosures that have been occurring for the past few years no doubt is due to the inability to make monthly payments, and this is where the ‘fine print’ kicks in. There have been instances where people have been jailed for not being able to pay their mortgage, while elsewhere an attorney warned people who were considering the option of a foreclosure, to not sign false deeds in lieu of foreclosure, that rather than exonerating them from all financial obligations traps them ever further.
Regardless of how much it costs, one must consult a real estate attorney with substantial experience in this field in order to check if all documents provided by the lender are free of any discrepancies, before taking a mortgage loan.