Home Repair Loan Disputes

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What Are Home Repair Loan Disputes?

Home repair loans, or home improvement loans, are often available for homeowners who need to make repairs, additions, or renovations to their home property. These types of loans usually become available after a certain amount of time after the first mortgage is drawn (usually at least a few years after the person has been living there already).

What Are Some Types of Home Repair Loan Disputes?

Some types of home repair loan disputes that frequently occur may include:

Thus, it’s important to calculate the full amount of expenses and costs when drawing out a home repair loan. It’s also important to consider calendars and time tables for the projects, so that you don’t run into issues when the loan payments start becoming due each month.

How Are Home Repair Loan Disputes Resolved?

Defaulting on a home repair loan can sometimes lead to legal consequences. Similar to other types of loans, the lending company might be able to reach the borrower’s other property through a lien, in order to obtain compensation for missing payments. This can have other negative consequences on the borrower, such as an impact on their credit scores.

In limited instances, some home repair loan companies may be willing to work with the borrower in terms of an alternative payment plan. They may allow for a re-working of monthly payment rates, or other such alternatives. You might need to negotiate such terms with the company, and this is not always an option in every case.

Do I Need a Lawyer for Help with a Home Repair Loan Dispute?

Home repair loans can be helpful and will usually improve the value of a home in the long run. In the event that you come across a legal dispute over a home repair loan, you may wish to hire a lawyer for help and advice. Your attorney can advise you of your options regarding the dispute, and can assist you in court if you need to make an appearance before a judge.

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Last Modified: 05-20-2014 01:53 PM PDT

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