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What is the required timeframe for mortgage lenders to retain files for paid off mortgage loans?
Wiki User
∙ 10y ago
The timeframe for which a mortgage lender is required to retain files for a paid off mortgage loan depends on the state that the lender is in. Each state has their own laws regarding mortgages.
Wiki User
∙ 10y ago
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If the first mortgage is in just your name and the second is joint between your mother and you would she be responsible for the first mortgage upon your death in Colorado?
If she wished to retain the property. She would in all likelihood be required to refinance the property as the first mortgage holder has priority.
What is the retention rate for truth-in-lending documents?
Retention rate suggests that you are asking how often a set of documents are retained, which by law is 100% for lenders and unknowable for the consumer's copies. If you meant to ask what the length of time for retaining Reg Z and TILA documents is, the answer is: a period of "2 years from the date the disclosures are required to be given or action is required to be taken" Generally speaking most lenders retain the documents for the life of the loan plus 2 years.
Do you have to pay on reverse mortgage loans?
You will not have to repay the loan for the entire time that you live in that home. You retain complete ownership of your home and after you're gone, your heirs can refinance the loan into a traditional mortgage, sell the home, or walk away from the home altogether. Simply put, a reverse mortgage lets you convert a portion of the equity in your home into cash. No repayment is required until you can no longer use the home as your principal residence.
Why are both spouses required to be on the property deed but not on the refinanced mortgage loan and who would be responsible upon the death of one spouse?
The deed to property and the wording of the deed establishes ownership. If a married couple does not reside in a community property state it is very important that both spouses be on the deed with the correct ownership status noted. In a case of death where only one spouse is listed on the financial agreement but both are named on the deed the probate laws apply. If the surviving spouse wishes to retain the property and he or she is not a co-buyer they will most likely be required to reaffirm the mortgage with the lender if the mortgage was not protected by insurance.
What is the meanig of remember?
To retain in the memory, to remain aware of and to bring to mind when the information is required
What is required by Dynamic RAM DRAM to retain its contents?
DRAM requires continuous electrical power to retain its contents. If the power is interrupted even for a fraction of a second, the memory is wiped.
What is subordinate second mortgage?
Deeds of Trust (mortgages) have a position on title based on seniority (1st, 2nd, 3rd). So if a new 1st mortgage wants to go into first position in a refinance transaction but there is already a 2nd mortgage, they must ask the 2nd mortgage to allow them to go ahead of them on title. The 2nd mortgage lender will review the proposed loan, and either approve or deny the request. This is most common when a borrower wants to retain the terms of the 2nd mortgage or they do not have enough equity to borrow a sufficient amount in the new loan to pay off the 2nd mortgage.
Who owns the home with a reverse mortgage?
With a reverse mortgage, the seniors (the original home owners) still owns the house. They retain full ownership, and no one can kick them out. The debt, aka the loan, is paid off - but only once the homeowners move out of the house, or if both of them die. For more information about reverse mortgage loans, visit http://www.aboutreversemortgages.com
What is required for a goldfish to retain its gold color?
You can buy special flake food designed to keep goldfish orange.
What is the goals of policy?
The aim of this decision is to retain the resources in the business that are required to run the business or make additional investments in the business, as long as the returns earned exceed the required return.
In the state of Florida your name is on the deed but not the mortgage of your deceased husbands condo left to you in his will can the mortgage Co foreclose?
In any state, the title to the unit (deed) is held as collateral for repayment of the mortgage. This means that the mortgage company can sell the property in order to recover the amount of the loan (foreclosure). Because your name is on the title, it's possible that you can negotiate a repayment plan that is acceptable to the mortgage company, in order to retain your name on the title. Once the lender is paid, then you can sell the property and enjoy the benefits of the proceeds.
What is the goal of dividend policy?
The aim of this decision is to retain the resources in the business that are required to run the business or make additional investments in the business, as long as the returns earned exceed the required return.
