At times it can be a pretty dismaying picture out there. A number of large mortgage lenders have gone into bankruptcy, the victims of terrible business practices, and all the experts say even more mortgage lenders are going to fail. Worse yet may people who have mortgages from these firms are soon going to be in trouble, victims in part of unscrupulous lenders and their own desire to own a home at any cost. So what can you do to protect yourself when buying a home?

One of the most important things you can do is hire your own settlement attorney. This isn't commonly done, but it can save you from significant trouble down the road. Your own attorney can assist you inpreparing the settlement. Do not allow the real estate agent or the mortgage lender to provide their settlement attorny. You should hire your own because then he or she will represent you and not the seller or the bank. You have only to pick up a newspaper or read online the many horror stories surfacing from home buyers who did not take this precaution.

And remember just because the mortgage bank or lender is a big company that does not guarantee you anything. Often the bigger the company the bigger the problems. Ask the folks who bought Enron stock.