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There are several different mortgages available. Each type of mortgage has dozens of different clauses. A mortgage clause can be a remedy to a specific situation.
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What is reverse mortgage and what are the advantages and disadvantages to the mortgager and mortgagee?
Answer When you own a home, you gradually build equity over the years through two paths. One is through appreciation of the property where the actual value… of the home increases. The other is through a declining balance on the home as you pay the loan off that you bought it with. The theory behind reverse mortgages is that when you are on your older years - ie 65+, you probably have paid off your house or come very close to it. If for example you owned a home that is now worth $200,000 and you only owe $30,000 on it, you have $170,000 in equity. You also are still making payments for the $30,000 balance. As you get older you may no longer be able to earn enough money to pay that mortgage payment. In the past, one way to get out ahead would be to sell that house and put that $170,000 in the bank. You could draw interest on it, and live off the money for some time. Once it runs out though, it's gone. And also, you have to still pay for a place to live. Several years ago HUD developed a neat little thing called a reverse mortgage. The way it works is that they will make you a loan based on a percentage of the value, for example, say 80%. In the case above this means that you could take out a loan for $160,000 of the $200,000 house. Then the old mortgage of $30,000 is paid off leaving you with $130,000. And you NEVER HAVE TO MAKE A PAYMENT ON THE HOUSE AGAIN! You can take that money as a lump sum, or in regular monthly payments. YOu stay in the house until you die without ever having to pay back that money. Sounds too good to be true, huh? Well, it's not. HUD makes their money back, and then some. Once the loan is made, the balance still grows with interest. When you die, the house is deeded to HUD who then sells the house. They are assuming that no matter what, the house will be worth more in the future than it is now. So when it salls there should be enough money to cover the "loan", AND interest. At that point, once the loan is paid off and the interest is paid ff through the sale of the house, anything remaining then goes to your heirs. DOWNSIDES: If you were planning on leaving a house to an heir, they will have to BUY the house from HUD instead of it landing in the estate. They will basically have to take out a new mortgage to cover the principal owed plus interest. This is how most regular home mortgages work anyways.
The lender is the mortgagee. The borrower is the mortgagor.
Bac home loan servicing lp isaoa/atima po box 961206 fort worth tx 76161 --- trust this for now .but the address changes alot with mortgage companies...this address …has been used since about June of 2010
BAC Home Loans Servicing, LP ISAOA/ATIMA TX2-977-01-03 PO Box 961206 Fort Worth, TX 76161
It means your mortgage company/loan ownership has changed. Your loan may have been sold and now the entity holding the lien on your property's "legal name" has changed. Or, yo…ur original mortgage company may have merged or been bought out -hence the entity's legal name change.
Type your answer here... The motgage clause protects the mortgage holder even if insured breaches a condition of the policy e.g. insured not covered due to vacancy clause - mo…rtgage holder will still be able to claim - by comparison, a loss payee would be out of luck - the only requirement on the insurer would be to include the loss payee on cheuqes resulting from the loss.
Po box 0112 palatine il 60055-0112
You should have received the form in the mail at the end of the year. You must use the form when filing your taxes each year.
"Mortgagee" is used many times in securitized loan fraud. Compel SPS to give you a copy of any forced placed insurance (FPI) policy so, you can check to see if they name thems…elves mortgagee/beneficiary to the policy. Take them thru the BBB if they do not comply. Send your demand by certified mail with return receipt. Then, go to your county land records (Usually at the courthouse) to see if there is an assignment of mortgage or assignment of deed of trust...terms vary by state. Some counties have these online. Do a search. If there is no assignment of mortgage go watch attoreny Neil Garfield's youtube video's on the assignment and assumption agreement. Also, file with your state insurance board/commission for insurance fraud. Garfield will explain why an assignment is important to FPI! Even if you have an assignment, there may be document fraud in the creation of the assignment. Look for Richmond Monroe Group or LPS as the preparer of the assignment! Look for a robo signer as attorney in fact and notary working for servicer, etc. Many online sites showing robo signer lists! If you look on the forced placed insurance policy, check to see if the SERVICER lists themselves as the mortgagee/benficiary! How can they be beneficiary/mortgagee? They are not the loan note owner! If your loan is securitized (ask SPS by letter) chances are there may not be a loan note owner anymore due to the Wall St. fraud creating this scheme. Many loans got paid off by TARP, insurance, etc. Demand SPS give you contact info. with your loan note owner and holder under RESPA and Fair Debt Collection Practices laws. Look up RESPA form letter or QWR and send it to them asking they validate debt. SPS is not youe loan note owner or holder. They were the 1st servicer of records sued by the US/FTC when they were named Fairbanks Capital! Go to the FTC site to see their past history which they continue today! GET AN ATTORNEY SKILLED IN SECURITIZATION AND REAL ESTATE FRAUD. Go to Max Gardener's site for a lsit of Attorney's or Neil Garfield's atty list on his Living Lies blog site. Face book has a chat site called Homeowners Against Mortgage Servicing Fraud where they post news, links and try to educate on this. Also, MSFRAUD dot org has good info. for you to look up!
It's best to call their Customer Service Department to get that information. Depending on the type of loan, the mortgagee clause may vary. Their staff can look up your loan an…d give you the information that you need. They're there 24 hours a day, seven days a week at 800-236-8866.
Quicken Loans Inc. ISAOA P.O. Box 717 Amelia, OH 45102
Beginning on Friday, January 20, 2012, until Monday, January 23, 2012, your Wachovia Mortgage loan and/or your Wachovia Equity Line of Credit will change to Wells Fargo Home M…ortgage, a division of Wells Fargo Bank, N.A. We're pleased to welcome you as a customer and look forward to helping you reach your financial goals.What you need to knowStarting Monday, January 23, all communications about your mortgage loan and/or your equity line of credit will come from Wells Fargo Home Mortgage.The change will not affect your rate, payment amount, payment address, or terms and conditions.Your Wells Fargo account number will have 10 digits and will reflect your previous account number with leading zeroes. For example, account number 1234567 will appear as 0001234567.You will have limited online access to your account through wachovia.com starting Friday, January 20.What you need to do for your mortgage loanFor online banking: If you would like to access your mortgage account and make payments online, enroll in Wells Fargo Online® starting Monday, January 23. If you are already enrolled, sign on to Wells Fargo Online with your existing username and password.For online payments and transfers: If your mortgage payments are being made through either Wells Fargo Online or Wachovia Online Banking, your scheduled transfers or payments will continue and no action is required. However, after Friday, January 20, you will no longer be able to schedule new recurring mortgage transfers online, but you will be able to make one-time transfers through wellsfargo.com.For bill pay: If your mortgage payments are being made online through either Wells Fargo or Wachovia bill pay services, your scheduled bill pay payments will continue and no action is required. Starting Monday, January 23, you will continue to have the option to schedule new online payments using bill pay at wellsfargo.com.For check payments: Make your checks payable to Wells Fargo Home Mortgage. The payment address will stay the same.For third-party payments: If a third party makes payments for your mortgage loan, please notify them that after Friday, January 20, the payee on your account is Wells Fargo Home Mortgage. Also provide them with your Wells Fargo account number. The payment address will remain the same.For homeowners insurance: Ask your insurance agent to change the mortgagee clause on your homeowners insurance to: Wells Fargo Bank, N.A., #512 Its Successors and/or Assigns P.O. Box 7512 Springfield, OH 45501-7512What you need to do for your equity line of creditFor online banking: After Friday, January 20, you will no longer have online access to your account. If you have been making online payments to your equity line of credit through either Wachovia Online Banking or Wells Fargo Online, you will need to make other payment arrangements. Learn more.For online payments and transfers: After Friday, January 20, you will not be able to make one-time online transfers to your line of credit through either Wachovia Online Banking or Wells Fargo Online. You can schedule online payments through Wells Fargo bill pay or a third-party provider. If you have questions about payment options, please call Customer Service at 1-800-642-0257, Monday through Friday, 8:00 am - 8:00 pm, and Saturday, 8:00 am - 5:00 pm Central Time.For bill pay: If your equity line of credit payments are being made through Wells Fargo or Wachovia bill pay services, no action is required.For check payments: Make your checks payable to Wells Fargo Home Mortgage. The payment address will stay the same.For third-party payments: If a third party makes payments for your equity line of credit, please notify them that after Friday, January 20, the payee on your account is Wells Fargo Home Mortgage. Also provide them with your Wells Fargo account number. The payment address will remain the same.
PHH Mortgage Services is the industry leader in mortgage services. For example PHH Mortgage Services guarantees that they will meet their clients' requested closing dates.
No. The mortgage is a lien. The mortgagee clause generally refers to a provision in the homeowner's insurance policy providing that loss to mortgaged property is payable to th…e mortgagee named in the policy and promises advance written notice to the mortgagee of policy cancellation.
Your account might have problems on getting info from PHH mortgage.