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What rules does a FHA lender have to follow that a traditional mortgage lender does not?
Wiki User
∙ 14y ago
FHA loans are handled differently and have guidelines set forth by the government restricting everything from income limits to down payment amounts. The normal mortgage lenders have guidelines but not nearly as strict as FHA.
Wiki User
∙ 14y ago
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How long after buying a house can you refinance it?
Considerations would include the type of refinancing that you want, whether you have a pre-payment penalty on the current mortgage, and the rules of the new mortgage lender. Theoretically you can refinance any time after you close purchase on the first loan.
Can lenders sue after satisfaction of mortgage?
Read your Satisfaction of Mortgage carefully. The wording and the document used can vary, depending on the lender and the jurisdiction. The satisfaction or discharge of the mortgage should state that the mortgage has been satisfied. In some cases the note is mentioned also. A satisfaction of the mortgage removes the encumbrance of the mortgage from the subject property. If the mortgage was effectively satisfied and was not recorded in error, the lender would have no reason to sue.In some cases where the mortgage is discharged the notemay not be discharged and will remain as indebtedness against the borrower but not as an encumbrance on the real estate.If the satisfaction was recorded in error the bank would need to take the matter before a judge to request a court order to reinstate the mortgage. However, courts do not always help a lender when it has made that kind of mistake. The statute of limitations and rules regarding that type of action vary in different jurisdictions. You need to consult an attorney who is familiar with the laws in your jurisdiction.Also, a problem has developed in the mortgage/foreclosure related industry whereby entities who have no interest in a mortgage are executing bogus discharges for a fee, convincing unsuspecting consumers that the lender's title is insufficient and the lender will need to take the matter to court in order to defend their ownership of the mortgage. Of course, those discharges are worthless.If you are uncertain about your mortgage discharge then you should consult with an attorney who specializes in real estate law in your jurisdiction.
Where can one find reverse mortgage rules?
Reverse mortgage rules can be found at your local bank and at Consumer Information, Home Guides, Investopedia, Reverse Mortgage Daily and Market Watch.
Where can one find information on mortgage rules?
There are many places where one would be able to find information regarding mortgage rules. One could visit sites such as Business FTC for information regarding these rules.
Can you deduct interest paid to your parents for a downpayment for a condominium?
Yes IF the loan is really a legal mortgage loan that meets the IRS rules for it to be a mortgage loan. This is possible when you and they meet the enclosed rules. Generally, home mortgage interest is any interest you pay on a loan secured by your home (main home or a second home). The loan may be a mortgage to buy your home, a second mortgage, a line of credit, or a home equity loan. You can deduct home mortgage interest only if you meet all the following conditions. You must file Form 1040 and itemize deductions on Schedule A (Form 1040). *You must be legally liable for the loan. You cannot deduct payments you make for someone else if you are not legally liable to make them. Both you and the lender must intend that the loan be repaid. In addition, there must be a true debtor-creditor relationship between you and the lender. *The mortgage must be a secured debt on a qualified home in which you have an ownership interest. (Generally, your mortgage is a secured debt if you put your home up as collateral to protect the interests of the lender. The term "qualified home" means your main home or second home. For details, see Publication 936.) For more information go to the IRS gov web site and use the search box for publication 936
Can you buy private mortgage insurance directly from an insurance company vs. going through the mortgage co.?
In some cases this is governed by state law, in other cases by the rules of the lender themselves. You would have to discuss this with your lender. In general, it would usually be better to do it through them. Certainly easier!
How long after buying a house can you refinance it?
Considerations would include the type of refinancing that you want, whether you have a pre-payment penalty on the current mortgage, and the rules of the new mortgage lender. Theoretically you can refinance any time after you close purchase on the first loan.
What are the borrower's rights when a lender is requesting additional new documentation on the fourth day after the closing and has not funded the loan?
Not many..A loan is not closed until it has funded..Apparently in your case, you are not dealing with an aboveboard lender or mortgage broker..Unless you do what the lender wants, you will not get the loan..Remember..He/She who has the $$$ makes the rules..After a home loan has closed, a lender can ask you to help correct documentation, but can not change the terms of the transaction.
Do slam dunk contests follow the traditional rules of basketball?
no..because it is only a slam dunk..not a basketball game..
Can lenders sue after satisfaction of mortgage?
Read your Satisfaction of Mortgage carefully. The wording and the document used can vary, depending on the lender and the jurisdiction. The satisfaction or discharge of the mortgage should state that the mortgage has been satisfied. In some cases the note is mentioned also. A satisfaction of the mortgage removes the encumbrance of the mortgage from the subject property. If the mortgage was effectively satisfied and was not recorded in error, the lender would have no reason to sue.In some cases where the mortgage is discharged the notemay not be discharged and will remain as indebtedness against the borrower but not as an encumbrance on the real estate.If the satisfaction was recorded in error the bank would need to take the matter before a judge to request a court order to reinstate the mortgage. However, courts do not always help a lender when it has made that kind of mistake. The statute of limitations and rules regarding that type of action vary in different jurisdictions. You need to consult an attorney who is familiar with the laws in your jurisdiction.Also, a problem has developed in the mortgage/foreclosure related industry whereby entities who have no interest in a mortgage are executing bogus discharges for a fee, convincing unsuspecting consumers that the lender's title is insufficient and the lender will need to take the matter to court in order to defend their ownership of the mortgage. Of course, those discharges are worthless.If you are uncertain about your mortgage discharge then you should consult with an attorney who specializes in real estate law in your jurisdiction.
What is the future tense of They follow the rules?
The future tense of "They follow the rules" is "They will follow the rules."
What rules do you follow?
what rules did you have to follow rations ww2
Where can one find reverse mortgage rules?
Reverse mortgage rules can be found at your local bank and at Consumer Information, Home Guides, Investopedia, Reverse Mortgage Daily and Market Watch.
If you are on a deed but not the mortgage are you responsible for the mortgage?
I would wonder how the lender loaned money without the signature of all the owners. However, if the other joint owner granted a mortgage to a lender and hasn't paid the debt then the lender can foreclose on the interest of the borrower. They would then become the owner with you and may be able to force the sale of the property to get their money. That would be costly for the lender. Perhaps you could arrange a deal with the lender to rewrite the loan so you could pay it back.
Is it more important to be liked or to follow the rules?
follow the rules
What are the marriagable age in china?
22 for males, 20 for females.Note: The hill tribes follow traditional rules, as 13 for female been found.
If two people have signed on a first mortgage can only one of them sign to get a second mortgage?
Generally no, if the lender carries on their business properly. When you grant a mortgage you are granting the lender a security interest in your property. Anyone with an ownership interest in a property must sign the mortgage document.The purpose underlying the execution of a mortgage by all the owners is that in the case of a default, the lender can take possession of the property and sell it. If two people own the property and only one signed the mortgage the lender has received only a half interest in the property. It cannot foreclose and take possession of the property because one of the owners did not transfer their interest to the lender. There are certain cases where people may become confused and that is when the property owners do not all sign the note.If two people own the property they must both sign the mortgage. In certain cases only one will sign the note and thereby be solely responsible for paying the loan. The co-owner who didn't sign the note is not responsible for paying the debt. However, if there is a default, the lender can take possession of the property by foreclosure because the co-owner who didn't sign the note did sign the mortgage giving the lender full power of foreclosure.A responsible lender will insist that ALL owners sign the mortgage.There are lenders who break the rules in order to sell the loan. Those are only interested in collecting the high fees and costs associated with the initial transaction. They aren't concerned with good title if the borrower defaults since the loans are sold soon after the transaction.
