QUESTION
Should I hire my own lawyer for refinancing my mortgage or use the bank''s?
Asked on Nov 01st, 2011 on Residential Real Estate - New York
More details to this question:
I have a home in western New York and am refinancing my mortgage to take advantage of low interest rates. I received a call from the bank asking whether I would be hiring my own representation or if I will be using the bank''s lawyer. Is there any benefit to hiring my own lawyer or is a refinance just a formality?
1 ANSWER
This is a very common question. You should be aware that an attorney can only represent one client. Representing both the borrower and the lender would put the attorney in a conflict interest situation. If you proceeded without retaining your own attorney, you would be representing yourself. The bank's attorney is NOT your attorney.
It could very well be that you will understand all of the paperwork that is presented to you and there will be no numbers on any document which need explanation. As such, you may not need an attorney. But I would certainly suggest that you retain an attorney to protect your interests.
- Alfred Polizzotto, III
Answered on Nov 03rd, 2011 at 3:12 PM