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What is the meaning of the word mortgage?
I believe Mort is a French word meaning "death" and gage means "pledge or agreement" So the meaning of the work Mortgage is an "agreement till death."
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TRANSFER indicates the movement of an item, and in the case of "mortgage" means the change in ownership of the title (it is "moved" from borrower or seller to lender or …buyer).
It means that you have promised to pay for real property you do not own. It means you are fully responsible or paying the mortgage if the primary borrower, the owner of th…e property, fails to make the payments. If you are not an owner of the property and yet you signed a mortgage then you have volunteered to pay the indebtedness if the co-mortgagor (assumed to be the owner of the property) does not pay. One must wonder why you would sign the mortgage when you don't have any interest in the property. You have placed your credit record and your finances at risk. If the owner doesn't pay the mortgage and the bank forecloses then your credit will be ruined and the bank may go after you for any shortfall after the property is sold at the foreclosure sale. If the owner fails to pay and you don't want your credit ruined then you will need to take over paying the debt. If you help to make the mortgage payments the owner could toss you out at any time. You will get no return on your investment. You have obligated yourself to pay for property you don't own. **** The above is completely wrong. If you are on the NOTE and not the deed then you agreed to repay the debt with no interest in the property. If you are on the mortgage it only means that you agree to give up any rights to the property if it is foreclosed on. The mortgage is not an obligation to pay the Note is the obligation to pay.
Being underwater means, as a homeowner, you owe more on your mortgage than the house is worth. With the current economic issues, they (CNN Money) say one out of five hom…eowners are in this situation. I think this may also be called Negative Equity. If you think you may be underwater, there are a few options to consider... First, if you aren't planning on moving for a while - like 5+ years - don't worry too much. You are rebuilding your equity with every payment and they say home prices will eventually rebound. You could also think about refinancing. The government's new mortgage-relief program let's people that owe up to 105% of their home's value to get a loan (just as long as the current one is held by Freddie Mac of Fannie Mae and they prove they can afford the payments). If you're having trouble making payments, you may be able to get your loan restructured. Or, as a last resort, there's a short sale. That's when your lender let's you sell the house for less than you owe. This, though, could really drop your credit score by as much as 200 points. That could hurt your chances of getting another loan at terms your can afford.
Indexes only apply to adjustable rate mortgages (ARM). In order to determine your new interest rate on an ARM after the initial fixed rate period, the new rate is determined b…y adding your "base margin" (your ground zero of the loan normally 2.75%) to the current index your loan is attached to. There are several indexes out there - the most popular being the LIBOR index or US Treasury index. Your margin percentage is added to the index and rounded to the nearest 1/8 of one per cent which determines your new loan interest rate. So indexes are the moving percentages that are tied to Wall Street and the world markets that influence interest rates.
You always have the option of simply ceasing to make payments. Of course, at some point the bank will foreclose. If you want to keep the house but you do not want to pay the m…ortgage, talk to your bank and see if they can offer any alternatives.
It means an interest or right in a property created in favour of a lender of money as security for payment of a money loaned. It's accorded the status of a mortgage.
A mortgage can be acquired through lenders and banks that allows individuals to get such mortgage provided they qualify for the requirements lenders / banks are looking for pe…ople applying for a mortgage.
Satisfies the debt. Clarification If you are selling your real property by a short sale, you must discuss the satisfaction of the mortgage with the bank. In some situat…ions the lender can go after you to collect any deficiency, even months after the sale. To avoid that problem you should make certain the bank records a mortgage discharge that includes a statement that the discharge is in FULL SATISFACTION of the mortgage. You should consult with an attorney who will help to protect your interests in the transaction.
According to Heitman Analytics, this is defined as... An array of analysis organized by market and product which provides insight into how pricing strategy and market conditio…ns will affect mortgage volume and demand. Analytic reports include market response, price elasticity and general sensitivity studies seen both at the firm and market level.
It means when you finish paying off your house it will be worth less than what you bought it for.
An acrostic poem is a poem where each line starts with successive letters from the chosen word, in this case Mortgage. so the first line would begin with M, the second with O …the third with R etc.
LTV stands for "loan-to-value." In short, how much you're borrowing versus how much the home is worth. For example, if a home is worth $100,000 and your loan is for $80,000, …then you owe 80% of the home's value, therefore the LTV is 80%.
Usually, not in and of itself. A mortgage will require that the borrower maintain physical damage protection on the structure. It does so to protect its interest in the hous…e, because the loan is secured by the house. Therefore, if a casualty destroys the house, in whole or in part, the lender wants to make sure that it is repaired so as to preserve its value. If homeowners insurance is dropped, or it lapses for nonpayment of premium, the insurer will notify the lienholder of that fact. The lienholder will require the borrower to produce proof of replacement coverage within a given time period. If the borrower does not, the lienholder can get "single interest" coverage. This is a kind of policy covers only the lienholder's interest in the property. The premium for that coverage is initially paid by the lienholder, but then added to the mortgage balance. Dropping your home Hazard insurance is one of the listed default conditions of your mortgage contract, but usually will not cause a foreclosure proceeding to initiate. It can however be the first sign that a foreclosure is imminent.
It means pay till you die or death pledge.
With regards to a mortgage, NINA is an acronym for no income no asset documentation. In other words, a borrower doesn't have to disclose any information regarding to income o…r assets.
Mortgage equity is the term used in the financial industry for the amount of cash value your home is worth at current market value minus the remaining payments you still owe o…n the home.