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No. Deeds affect ownership of the property. A new deed isn't necessary for a loan modification.
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Can title insurance be transferred when refinancing a mortgage?
Typically, a Loan/Mortgage policy cannot be transferred to a new loan as the title coverage is unique to each loan. The mortgage coverage on a loan ends when the loan is paid off and satisfied, that is why new coverage is taken out on the new loan. However, in the case of a Mortgage Modification of an existing loan, the coverage may be extended to cover the existing loan and the new loan amount of the Modification. There would still be title charges for the changes in the Mortgage Modification coverage in most cases.
If after your bankruptcy you sign a loan modification on your home are you now responable for this loan if you still want to walk away if the loan was not reafirmed?
This question should be handled by an attorney,Any loan modification paper work signed after bankruptcy proceeding are a new contract which yes make you liable for that debt.
What is the difference between refinancing and loan modification?
Refinancing is the process of taking out a new loan in order to pay off one or several existing loans and debts. Loan modification is a change to a single loan, often to make repayments more affordable. Depending on the details of a loan modification it may be treated as a continuation of the original loan or as a new loan. If it is treated as a new loan, it is a refinance as well as a loan modification. However, most refinances are done for other reasons. One important one is debt consolidation, where several loans or outstanding debts (credit cards etc) are consolidated into a single loan. Another is to secure a better interest rate - for instance, if the original loan was a low-doc or no-doc loan and the borrower now qualifies for a full-doc loan with a lower interest rate; or if a fixed-rate loan is about to reach the end of the fixed-rate period and convert to the standard variable rate, refinancing to a basic variable loan may be useful.
How does a person qualify for a Ocwen Modification Loan?
Your Income - Subtract the expenses = Your new Principal + Interest Payment. This does not include your escrow.
Can i take my name off the loan and put my boyfriend's name on it?
Assuming you already have a loan in your name, and assuming this loan was approved in the last 20 years or so, no. You can't change a loan from one person to another. The only way to change a loan is to get a new loan. Remember the bank needs to be sure your boyfriend is credit and income-worthy of the loan, just like they did with you. Assumable mortgages have not been around in a long time. Nowadays, loans are unassumable, meaning each time a loan is received, it must go through the process of approval with the bank. If I misunderstood you, and you were really asking can the deed have the names changed, sure. That's just a quit claim deed. However, no matter what the deed says as far as ownership is concerned, the loan will still be in your name until a new loan is received.
Is a closing agent required for a loan modification in New York?
The answer is no. I am a Certified Signing Agent and I am also a Loan Modification Consultant, but that does not mean that I need to be one in order to become a loan modification consultant. Glena
Can title insurance be transferred when refinancing a mortgage?
Typically, a Loan/Mortgage policy cannot be transferred to a new loan as the title coverage is unique to each loan. The mortgage coverage on a loan ends when the loan is paid off and satisfied, that is why new coverage is taken out on the new loan. However, in the case of a Mortgage Modification of an existing loan, the coverage may be extended to cover the existing loan and the new loan amount of the Modification. There would still be title charges for the changes in the Mortgage Modification coverage in most cases.
Can a domestic relations order in New York be change and how?
Yes, by the court that issued it. You would need to file a motion for modification explaining your request.Yes, by the court that issued it. You would need to file a motion for modification explaining your request.Yes, by the court that issued it. You would need to file a motion for modification explaining your request.Yes, by the court that issued it. You would need to file a motion for modification explaining your request.
If after your bankruptcy you sign a loan modification on your home are you now responable for this loan if you still want to walk away if the loan was not reafirmed?
This question should be handled by an attorney,Any loan modification paper work signed after bankruptcy proceeding are a new contract which yes make you liable for that debt.
What is the difference between refinancing and loan modification?
Refinancing is the process of taking out a new loan in order to pay off one or several existing loans and debts. Loan modification is a change to a single loan, often to make repayments more affordable. Depending on the details of a loan modification it may be treated as a continuation of the original loan or as a new loan. If it is treated as a new loan, it is a refinance as well as a loan modification. However, most refinances are done for other reasons. One important one is debt consolidation, where several loans or outstanding debts (credit cards etc) are consolidated into a single loan. Another is to secure a better interest rate - for instance, if the original loan was a low-doc or no-doc loan and the borrower now qualifies for a full-doc loan with a lower interest rate; or if a fixed-rate loan is about to reach the end of the fixed-rate period and convert to the standard variable rate, refinancing to a basic variable loan may be useful.
How does a person qualify for a Ocwen Modification Loan?
Your Income - Subtract the expenses = Your new Principal + Interest Payment. This does not include your escrow.
Can you get title insurance on a modified note?
Yes, title companies will insure a Mortgage Modification. Basically, new loan docs will be drawn by the lender, reflecting the new loan amount and terms. The transaction is executed the same as a refinance.
Can i take my name off the loan and put my boyfriend's name on it?
Assuming you already have a loan in your name, and assuming this loan was approved in the last 20 years or so, no. You can't change a loan from one person to another. The only way to change a loan is to get a new loan. Remember the bank needs to be sure your boyfriend is credit and income-worthy of the loan, just like they did with you. Assumable mortgages have not been around in a long time. Nowadays, loans are unassumable, meaning each time a loan is received, it must go through the process of approval with the bank. If I misunderstood you, and you were really asking can the deed have the names changed, sure. That's just a quit claim deed. However, no matter what the deed says as far as ownership is concerned, the loan will still be in your name until a new loan is received.
What is a modification loan?
A loan modification isn't a loan. It's not termed a "loan modification loan" -- it's just called a "loan modification."It works by allowing homeowners and their lenders to negotiate to change the terms of a mortgage, usually to make the payments lower and more affordable to help the borrowers avoid losing the house to foreclosure.There are a number of ways that borrowers and banks can negotiate for different terms. This list is not exhaustive:Lower the interest rate.Change an adjustable rate mortgage that may increase in a number of months to a fixed rate mortgage with more stable payments.Decrease the amount owed on the principal balance of the loan.Take any missed payments and, instead of requiring they be paid now, add them to the back end of the loan.Extend the term of a loan from 15 years to 30 years, or from 30 years to 40 years in order to lower the monthly payment.The original mortgage is not replaced with a new one as in a refinance, but changes are made to the functioning of the current loan.In some cases the loan modification can provide for an increase in the amount of money borrowed.
How do you transfer the Deed to your name?
In the United States ownership of a motor vehicle is evidenced by a Certificate of Title issued by the Department of Motor Vehicles in every state. To transfer title the old Certificate is signed by the present owner and the new owner's name is written in the appropriate box on the back in the appropriate place. Follow the directions on the Certificate. The old Certificate is then surrendered to the DMV and a new Certificate is issued in the new owner's name.Title to real estate is transferred by deed.
Can you tag your car in another state with an outstanding title loan on it?
Probably not. It would require a new title to be issued.
Can I get a new construction loan using a home deed as down payment?
You can get a 2d for any purpose you like, but title will not be clear for as long as it exists.
