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You should look for a mortgage lender that offers a free consultation. They should be very upfront and let you know what the fees will be. You should chose a lender that has a brick and mortar location.
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∙ 14y ago
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What will be the benefits of the lender in reverse mortgage?
The lender earns interest on the mortgage over time. While there are no payments, the interest does accrue. As a result the lender is fully aware the interest earnings will be received years later, however the loans typically never default because there are no payments, and they are insured by FHA so they are relatively low risk loans.
If you are on the title must you be on the mortgage?
From the time that you are added to the title, you must be listed on all future mortgages of the property; not necessarily as the borrower or on the note, but certainly your signature that you are aware of the debt and accept that there is a lien on the property is required. If you have an exhisting mortgage on a property, you must be aware of any "due on sale" clauses or the any other clauses within the mortgage that could accelerate the loan should anyone be added to the title without the persmission of the lender.
Where can one get good mortgage interest rates?
For a good mortgage interest rate, one needs to be aware of their credit score and their own financial situation. Asking one's lender for the total cost can help a lot too.
Are joint tenants equally responsible for the mortgage?
Yes. Joint tenants are equally responsible for paying the mortgage. However, you should be aware that if the circumstances in the relationship between the parties (mortgagors) changes and one abandons the property, the lender will hold the remaining person solely responsible for paying the entire balance due.
What are the best mortgage rates somebody with really bad credit can hope for?
Your best chance for obtaining a new mortgage loan will be with your current lender. They are already aware of your dedication to your obligations and may be more willing to work with your bad credit rating.
Does a quitclaim deed exempt you from the mortgage responsibilty?
Absolutely not. You may not be legally responsible for paying the mortgage but if it isn't paid the lender will take the property. If you purchase property that is subject to a mortgage by virtue of a quitclaim deed you should be aware of the following:The property remains subject to the mortgage until it is paid off and a discharge is recorded in the land records.Most mortgages contain a due on transfer clause that allows the bank to require immediate payment of the balance in full if the property is transferred.If the mortgage isn't paid the lender will take possession of the property by foreclosure and you will lose any purchase price you paid over to the seller.You should not purchase real property unless you are represented by legal counsel. Otherwise you have no idea what you are getting yourself into. You could be buying a lot of trouble.Absolutely not. You may not be legally responsible for paying the mortgage but if it isn't paid the lender will take the property. If you purchase property that is subject to a mortgage by virtue of a quitclaim deed you should be aware of the following: The property remains subject to the mortgage until it is paid off and a discharge is recorded in the land records.Most mortgages contain a due on transfer clause that allows the bank to require immediate payment of the balance in full if the property is transferred.If the mortgage isn't paid the lender will take possession of the property by foreclosure and you will lose any purchase price you paid over to the seller.You should not purchase real property unless you are represented by legal counsel. Otherwise you have no idea what you are getting yourself into. You could be buying a lot of trouble.Absolutely not. You may not be legally responsible for paying the mortgage but if it isn't paid the lender will take the property. If you purchase property that is subject to a mortgage by virtue of a quitclaim deed you should be aware of the following: The property remains subject to the mortgage until it is paid off and a discharge is recorded in the land records.Most mortgages contain a due on transfer clause that allows the bank to require immediate payment of the balance in full if the property is transferred.If the mortgage isn't paid the lender will take possession of the property by foreclosure and you will lose any purchase price you paid over to the seller.You should not purchase real property unless you are represented by legal counsel. Otherwise you have no idea what you are getting yourself into. You could be buying a lot of trouble.Absolutely not. You may not be legally responsible for paying the mortgage but if it isn't paid the lender will take the property. If you purchase property that is subject to a mortgage by virtue of a quitclaim deed you should be aware of the following: The property remains subject to the mortgage until it is paid off and a discharge is recorded in the land records.Most mortgages contain a due on transfer clause that allows the bank to require immediate payment of the balance in full if the property is transferred.If the mortgage isn't paid the lender will take possession of the property by foreclosure and you will lose any purchase price you paid over to the seller.You should not purchase real property unless you are represented by legal counsel. Otherwise you have no idea what you are getting yourself into. You could be buying a lot of trouble.
Can a mortgage be foreclosed if your husbands name was on the loan and he died but I am still making mortgage payments and have my name on the deed?
Generally, no, however it could be yes if: * The mortgage lender is not aware of your presence and there is no will passing the asset (house) to you as part of your late husband's estate or * The mortgage loan has a force-sale requirement in the event of the note-holder's death Even with the above conditions, you (or your legal representative) should notify the mortgage lender and let them know (1) you have lived in the home with your husband up 'til the time of his death (2) you want to continue to live in the home as you have no where else to go and (3) you want to continue to make payments and can demonstrate the ability to do so.
Can I Cosign for a mortgage loan?
Yes. However, you should be fully aware that if the primary borrower does not pay you will be responsible for paying the mortgage. You have no other rights in the property.
If there is a satisfaction that satisfies priority mortgage is the junior mortgage automatically satisfied?
Should be if they ran a title search & are aware it is there. the 2d must be satisfied upon transfer or sale.
Do you have a legal right to a copy of your promissory note?
Yes, as a borrower, you have the legal right to request a copy of your promissory note. The promissory note is a legal document outlining the terms and conditions of the loan agreement between you and the lender. It is important to review and keep a copy of this document for your records.
What are the signs I should be aware of for mold?
If you are looking for more information on What are the signs I should be aware of for mold, the best place to look for the information is on moldblogger.com/symptoms-of-household-mold-exposure/
Is there any way to get out of a mortgage without foreclosing or selling?
Most refinances are done to "get out" of a mortage and get a better deal. If this is not an option due to lack of equity, or credit; it is now more possible than ever before to actually renegotiate with your current lender. Lenders are currently acquiring many more properties than they want to hold due to foreclosures. This provides a huge incentive to make it possible for their current customers to be able to afford their mortgage payment and not have to sell or face foreclosure. == == Yes, pay the mortgage in full. Another option is to deliver the deed (the rights) to the house "in lieu of" (instead of) foreclosure. The lender would have to agree to this provision. In this instance, the consumer is handling over the property and all his equity in exchange for the debt being cancelled. Obviously, a mortgage lender would only consider such an option if it was in their best interests. Deed in lieu of foreclosure is considered a derogatory credit notation, although not as bad as foreclosure itself, and will remain on a consumers' credit report for 7 years. Just be aware that if a deed-in-lieu is approved, that the lender does report it to the IRS as a 'forgiven debt' so there are tax consequences. I believe that it�s considered income to you, and therefore you have to pay taxes on it. The advantage to the mortgagor of a DIL vs a foreclosure is that it does look somewhat better on your credit report, and you don't have to worry about the lender seeking a deficiency judgment against you in the event that the property resells for less than the mortgage amount. You should be aware that I'm not an attorney, but I did work in mortgage servicing for a numbers of years.
