Foreclosure Law

A deluge of defaults in mortgages several years ago led to an unexpected financial crisis. The foreclosure of one's home, especially if it is a first home or an only home, is not just a pain in the pocket but also a pain in the heart. Many individuals who faced foreclosure of homes sought protection under bankruptcy to help them evade, or, in the least, delay the possibility of homelessness.

Foreclosure law is mainly controlled by state law. This means that each state has laid out different rules and regulations governing the process by which a mortgage lender, usually a bank, takes possession of a home and sells that home when the homeowner cannot pay the loan. Though the law and the procedures governing foreclosure varies in each state, the end result is the same: the borrower loses his or her to the home. A foreclosure proceeding begins when an individual borrows money to purchase a home or to renovate a home. The lender, usually a bank, makes the borrower sign a mortgage document stating that the bank has a lien in the home. This means that if the borrower cannot pay the loan, the bank will have the right to take the home and sell it to pay for the loan. A mortgage document is an agreement that the home will serve as the collateral of the loan.

A home is probably the most important purchase an individual will make in his or her lifetime. A home signifies an elevation in status or security. It is thus imperative that a home buyer know the different laws that would accompany when taking out a loan to buy the house. Banks and financial institutions are helpful when it comes to assisting the home buyer in securing the loan. There are also government agencies that would assist individuals when buying a home. There are, however, nuances in the law that would need the expertise of an attorney.

For instance, when the borrower defaults, foreclosure may not be necessary, especially when an attorney knows the best way to deal with the situation. Foreclosure is a lengthy and costly proceeding, thus lenders do their best to make sure borrowers pay on time. At the end of each foreclosure proceeding, the borrower loses his or her home. Foreclosure can be avoided with the help of expert foreclosure law attorneys. One of the ways to avoid foreclosure would be for the borrower to pay the loan amount in full, extinguishing the mortgage. Another way to avoid foreclosure would be for the borrower to pay only the missed payments and penalties, often in the form of interest, reinstating the loan.

Paying, however, is most often not an option for borrowers as the lack of funds is precisely the reason why they missed payments in the first place. The borrower may still avoid foreclosure by asking for a forbearance from the bank. This means the bank will temporarily halt the payments for a certain period of time before the borrower resumes payment. This option depends on the current situation of the borrower. Some banks are lenient and would likely forego payment of penalties for borrowers who are out of work. In addition, foreclosure law attorneys can help borrowers obtain a change of the terms of their loans. Modifications include extending the payment period, reducing the principal amount, or interest. Foreclosure law attorneys can also help borrowers seek subsidies from government programs.

Areas of Law

Legal issue:
Near Location:
Use my location
Distance:

-->

Trade

Trade laws are enacted to ensure industry competitiveness in the United States. The U.S. Congress, by virtue of its constitutional prerogative of regulating interstate and foreign commerce, enacted several bills, including the Tariff Act of 1930 and the Trade Act of 1974, to govern trade. The American Constitution ensures that the country is a free market. American trade law do not just govern interstate trade, but also trade between the United States and foreign countries, to ensure the existence of free trade and prohibit the occurrence of anti-competitive business practices. Trade law has evolved through the years, in reaction of the constantly changing face of trade, both internally and internationally.

Trade law is a complicated area of the legal practice as it touches upon numerous other areas of the law, such as business laws, employment laws, tax laws, and antitrust laws. There are numerous issues accompanying trade and commerce, and each issue often require the assistance of attorneys who are expert in specific niche in law. With respect to intrastate commerce, state law applies. Resolving trade disputes arising from intrastate commerce relationship may not be as difficult as resolving trade disputes arising from interstate commerce relationship as only one set of law governs. Nevertheless, it is imperative for traders and business owners to seek the advice of expert trade law attorney as there are still nuances in state trade law that may not seem very obvious to even the most sophisticated of traders. Disputes arising from interstate commerce becomes increasingly more difficult as state trade law varies and may have little commonalities, except in the promotion of free trade.

Workers, being one of the most crucial element in trade and commerce, are protected by numerous trade laws, especially against job loss or reduced wages. Workers' rights are enshrined by different set of laws that interlink with trade laws. In addition, specific trade laws protect consumers from abusive and conspiratorial business practices. It is the Federal Trade Commission's main job to ensure that consumers are protected from fraudulent and deceptive business practices. While trade laws are in place to ensure a free economy, it cannot be helped that some industries form mergers. The FTC ensures that these mergers do not restrict competition, which harm consumers.

Trade law, when applied to international commerce, becomes even more complicated as international law, in general, or specific treatises, govern. The U.S. has trade agreements with almost all nations in the world, but each trade agreement is different depending on the industry. The U.S. also regularly limits the import and export of certain products with a specific country as a matter of foreign policy. Unprecedented events in the international arena also gives rise to amendment of American trade policy in order to protect the business interest of the United States. In the area of trade law, it is imperative to employ the services of an expert trade law attorney who can examine the law of its legislative intent as this is crucial for the interpretation and adjudication of the law.


Areas of Law