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What Are the Best Sources for Legal Mortgage Advice?

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  • Written By: Kristie Lorette
  • Edited By: O. Wallace
  • Last Modified Date: 13 September 2016
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Legal mortgage advice may pertain to what mortgage costs you can write off on your federal and state tax returns. Other legal advice regarding your mortgage may pertain to what options are available if the homeowner is in default on making their mortgage payments. Which type of professionals consumers can turn to for legal advice depends on the specific needs of the person asking the question, but generally tax attorneys, tax accountants and real estate attorneys are the best sources.

Tax questions come up as mortgage situations change, which lead to the need for legal mortgage advice. For example, most homeowners can deduct the interest portion of the mortgage payment on their federal tax returns. During the tax year when a move is made, homeowners may also be able to deduct the moving expenses. Closing costs and origination points on a mortgage are other legal situations that a tax attorney or tax professional can help answer.

Whether it is a tax deduction question or another legal matter, real estate attorneys tend to be the best options for any questions or matters regarding real estate. Some real estate attorneys specialize in obtaining a mortgage. This means that they deal with matters pertaining to the real estate contract, the title that is required for purchasing the property and for the mortgage company, as well as conducting the closing on the sale and purchase of the property, which the mortgage is established on.

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Other real estate attorneys specialize in mortgage matters such as foreclosure or bankruptcy. A foreclosure attorney can provide advice to homeowners on their options whether they are in default on the mortgage or heading in that direction. This type of attorney can also help homeowners that are already going through the foreclosure process to work out a deal with the bank or mortgage lender. In addition, real estate attorneys can provide legal mortgage advice that provides ways to work out the mortgage with the lender that does not involve foreclosure, such as a short sale or a mortgage modification

The best sources for legal mortgage advice are from the professionals that work with mortgages on a daily basis. This includes tax professionals that know the laws on tax deductions. For any other matters pertaining to mortgages, the best legal advice comes from the legal professionals that work specifically with real estate and financing matters—real estate lawyers who know the laws.

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