A real estate lawsuit is any type of lawsuit that involves disputes over real property such as a residential home. Every year, many, many real estate lawsuits are filed over issues such as foreclosure, mortgage disputes, and other issues. In recent years, specific legal concepts such as subprime mortgages and junior mortgages have been the focus of real estate lawsuits.
Real estate lawsuits can involve various different parties, including:
- The homeowner (usually the borrower in a mortgage agreement)
- Mortgage company (usually the lender)
- Other lending institutions such as banks or private lenders
- Second or third mortgage companies
- Appraisers who estimate the value of the property
- Government bodies, especially for land use or zoning disputes
What are Some Common Causes of Action in a Real Estate Lawsuit?
Real estate lawsuits can be filed for a many different reasons. Some common causes of action in a real estate lawsuit may include:
- Failure to pay monthly mortgage payments
- Breach of mortgage contract
- Unauthorized transfers of real estate title
- Illegal usage of land or property
- Disputes with a mortgage lender
- Disputes over title or property records
There may be many other causes of action that form the basis of a real estate lawsuit. Also, some lawsuits can involve an interplay of many different legal concepts/
What are the Typical Remedies in a Real Estate Lawsuit?
Real estate lawsuits are often associated with very specific remedies. These may include:
- Damages award
- Foreclosure and various foreclosure alternatives
- Judicial Sale
- Restructuring of a contract/loan agreement
In many real estate lawsuits, a damages award is not always practical. For instance, it may be difficult to compel a party to pay missed mortgage payments. They may have already exhausted their funds (hence the missed payments). As a result, courts may frequently prescribe alternative legal remedies, such as a forced sale of the home, with the proceeds going to the lender.
Do I Need an Attorney for Help With a Real Estate Lawsuit?
Real estate lawsuits can be very challenging to deal with due to their complexity. You may need to hire a qualified real estate attorney for assistance with a real estate lawsuit. Your attorney can help you file the claim, review important laws, and formulate legal arguments. Also, an experienced lawyer will be able to represent your interests during the actual court sessions.