0
Why is the payoff amount of our mortgage more than our principal balance if we aren't supposed to have any prepayment penalties?
Wiki User
∙ 16y ago
Because you owe interest. There may also be a negative amount in escrow if your taxes or insurance have recently been paid from escrow.
Wiki User
∙ 16y ago
Add your answer:
Earn +20 pts
Does sony Mae charge pmi for the lifetime of the mortgage?
If you mean does private mortgage insurance remain payable for the lifetime of the mortgage, no. Once you've paid in 20% you start to become entitled to release it and at 22% in, it's supposed to be automatically released. There are some possible bumps, but there's a good little summary at: http://www.mortgagesfinancingandcredit.org/mortgages/private-mortgage-insurance/pmi-cancellation-termination1.htm
How do you get a deposit for a house when you have a mortgage with the same bank?
I infer from the wording of your question that you wish to borrow the money for the down payment on a house other than your primary residence. This is a big no-no. It doesn't matter what bank you go to. A down payment is supposed to be the loan-seeker's financial stake in a purchase. There are supposed to be no strings -- that is, liens -- attached to it.
When do you have pay back 8000 tax credit for first time home buyers?
You are supposed to pay the credit back on the income tax return in the year that the home ceases to be your principal residence within the 36 months period from the date of the purchase of the home. The full amount of the credit received becomes due on the return for the year that the home ceased being your principal residence.
If you are current in your chapter 13 and the stay that was lifted was supposed to be back in place can the mortgage company still foreclose?
The only way is try to negotiate a reaffimation agreement with the lender. However, if the house is not protected by the homestead exemption, it could still be in jeopardy.
What happens to items on your credit report after seven years if you haven't paid?
By seven years, it will be all done from the company which issued you the card. they have a tenure by which user is supposed to pay the principal spent with the interest, otherwise they claim the secured possessions of the creditor
What are you supposed to do with the 1099A from the mortgage company?
Your 1099-A should be reviewed by a professional when you have your taxes done. See the related information provided by the IRS regarding mortgage forgiveness.
What will you do if you become the prefect?
Ask your Headteacher (or Principal). Mainly, you are supposed to help to keep up the principle between the students.
How do you examine a mortgage amortization chart?
The mortgage amortization chart will show you exactly what you are paying. It breaks down principle, interest, and required monthly payment to make sure the loan is paid off when it is supposed to be.
Distinguish between senior mortgage and junior mortgage?
The only difference between a senior and a junior mortgages is the timing of when they are recorded. In rare circumstances, in the cases when a mortgage that was intended to be a second or junior mortgage is recorded first at the county recorders office, the mortgagee that was supposed to be recorded first has to get written permission from the other mortgage company to subordinate their position. Often times, this happen only when a monetary consideration is extended in return.
What role do mortgage brokers perform?
The role of a mortgage broker is vital when one plans on buying a house. The broker functions as a middle man between the customer and the financial supplier. As the name states, he brokers the deal so that the customer can get the best interest rate available. A mortgage broker is supposed to be independant.
In NJ can you be on the deed but not on the mortgage?
Yes, it's possible to be a grantee on the deed and not listed on the mortgage. All owners of the property are supposed to sign and be listed on the mortgage, but this doesn't always happen. During the refinance frenzy a few years ago, some lenders gave out mortgages to only one owner. If that is the case and there is a default on the mortgage, the lender can only foreclose on the interest of the person who actually signed the mortgage. See related question link.
Does sony Mae charge pmi for the lifetime of the mortgage?
If you mean does private mortgage insurance remain payable for the lifetime of the mortgage, no. Once you've paid in 20% you start to become entitled to release it and at 22% in, it's supposed to be automatically released. There are some possible bumps, but there's a good little summary at: http://www.mortgagesfinancingandcredit.org/mortgages/private-mortgage-insurance/pmi-cancellation-termination1.htm
Can a student legally be written a truancy ticket in IL for walking out of the classroom without permission and having no intention of leaving the building?
Usually students are found to be in violation of truancy laws if they are found anywhere else other than the school grounds they are supposed to be attending. They can be written a truancy ticket if and or the teacher where the student is supposed to be is not there but only if the teacher reports the student to the proper authorities or the vice principal or principal and/or officers who are supposed to be enforcing class/school attendance.
What are the penalties for writing a check on a closed account in new york?
Writing a check on a checking account that is closed/inactive is a crime. Customers are not supposed to do that and if they do, the bank can report it and take legal action against the offending customer. The customer can be fined or jailed for doing so. The penalties are the same irrespective of the country/city you live in.
Who is supposed to sign the power of attorney?
In most states a power of attorney is signed by the principal, acknowledged before a notary public or signed by at least two witnesses.
Can a principal broker who is supposed to devote his full time to the management of an office also sell real estate from that office?
Yes, a principal broker can participate in all real estate functions. Listing, selling, leasing, management etc. while managing his/her office and agents.
What is the name of the Greek mountain where the gods were supposed to live?
In the Greek mythology, Mount Olympus is symbolically the home of the Twelve Olympians, the principal gods in the Greek pantheon.Mount Olympus
