We’ve blogged about financial translation, foreign language translation of reverse mortgage loans, validity of real estate transactions conducted in a foreign language, and the role professional business translation services in consumer protection.
As home foreclosures continue to sweep across the States, a high number of homeowners are reviewing their mortgage contracts more seriously and frequently these days than in any other period before the recession. And those, who had previous experiences with mortgage contracts obtained in other states or countries, may notice similarities and differences in the stipulated provisions with their previous contracts. When in doubt, professional foreign language translation by professional linguists and by competent translating professionals is the option.
There is an added risk associated with the possible differences in the interpretation of “sensitive” clauses. Should a homeowner adapt the same contextual understanding based on a contract that was made in another country or state, there arises a greater possibility for mischance. This is primarily because the appreciation of the law varies by jurisprudence.
Therefore, one’s the ability to read English may not be enough, particularly if something precious like real properties is at stake. Foreign-born home owners would benefit from seeking foreign language translations. This is most helpful for trans-state residents who want to understand why some provisions differ from their previous mortgage in another state or country. Mortgage contracts contain technical terms, although comparable with other contractual laws in other countries, which differ in essence. Thus, expertise in comparative law coupled by foreign language translation support should render a more promising outcome in foreclosure avoidance.