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Home Equity and Refinancing
Home equity is the ownership value accumulated in a property. A refi involves restructuring a debt, usually to take advantage of lower interest rates.
5,740 Questions
Is homeowners ins required when homeowner dies and home is left to children and home is empty?
There is no legal requirement in the U.S.A. for homeowners insurance.
If there is still a mortgage on the home though, insurance is almost certainly required by the mortgage contract, but this is a contractual obligation, not a legal requirement.
What is the difference between first pari passu charge and second pari passu charge?
In law, the difference between the first pari passu charge and second pari passu charge is the that the first charge means it is a simultaneous charge in favor of more than one person or lender and equal in all respects. The second charge would is subordinate to the first and is in favor of the previous person or lender.
Can I qualify for FHA's HECM reverse mortgage?
The Home Equity Conversion Mortgage (HECM) program enables older homeowners to withdraw some of the equity in their home in the form of monthly payments for life or a fixed term, or in a lump sum, or through a line of credit.
In addition, the HECM mortgage can be used to purchase a primary home when the borrower is 62 years of age or older and is able to use cash in hand, money from the sale of assets or money from an allowable FHA funding source to pay the difference between the reverse mortgage and the sales price plus closing costs for the property.
Who are closing costs paid to?
"Closings costs" is a blanket term to cover all the one-time expenses of taking out a mortgage or home equity line/loan.
These include "origination fees" which are paid to your lender and/or your mortgage broker (your loan officer may work directly for the lender or may be an independent broker separate from the lender). In the past, these would generally be simply "points", but under current regulations, points and all other origination fees payable directly to the lender or broker for setting up and granting the loan (not third party fees) are lumped into this category (commitment fees, funding fees, etc). Your lender is required to disclose origination fees to you on a "good faith estimate." Origination fees are not permitted to be higher at closing that what they are on the GFE.
Closing costs also include many fees which might be collected by your lender at closing, but are actually third party feespaid to someone else, including:
Flood certification fee (to determine if house is in a flood zone)
Tax Service fee (paid to a company to manage your tax payments)
Appraisal
Credit Report
Settlement fee to title company or attorney
Title insurance premium
Recording costs
Inspections
Survey
Courier Fees
One time HOA or HOA management fees
Transfer taxes
Federal and state laws and regulations governing closings require that these fees be charged in "actual" amounts, meaning your lender cannot charge you $600 for an appraisal but then only pay the appraiser $500.
Of course, your lender is required to disclose these items to you on the GFE, but because the lender/broker does not actually control these costs, actual fees for third party costs at closing may be different than what is disclosed on the GFE. For many of these types of third party fees, your GFE may (by regulations) be off by as much as 10% (in total, not item by item). For others (generally any cost where the service provider is selected by the borrower rather than the lender -- such as inspections and sometimes the title company), the lender is not responsible for accurate GFE numbers at all.
Closing costs are distinguished from "prepaid" items which are also paid at closing but represent ongoing costs of debt or home ownership (e.g., homeowner's insurance, interest, taxes, HOA dues, funds needed to set up an escrow/impound account for taxes/insurance, and mortgage insurance). Virtually none on these is paid to the lender except for the interest. These funds may be held or collected by your lender but are then paid out to the HOA, tax office, insurance company, etc. Prepaids will be disclosed on the GFE as well, but fall into the category of costs that may change.
Can you sell home to co borrower?
If two people both own a home or are both in the process of paying off a mortgage on a home, one of them can certainly buy out the others interest in that home, as long as both of them agree on the price.
Does a spouse need to sign a loan modification if separated in GA?
If responsible for the loan- yes.
If responsible for the loan- yes.
If responsible for the loan- yes.
If responsible for the loan- yes.
How long do you have to wait to get a loan after a repossession?
There is a large number of people out there saying "I need a personal loan quick but I have bad credit", and they have no idea where to go to get a loan. They know one thing for sure - they're not going to get none from their local banks, because banks are hesitant about lending money to people with bad credit. If you are one of them, you'r win the right place to get a quick personal loan in the next hour or so. this is one of the best ways of obtaining quick cash without credit check, no collateral, no cosigner is needed, so i will advise you to cantact them via email: admin@konomarkloanfirm.cu.cc
Read more: How_do_you_get_comsumer_finance_loan
Is mortgage loan a income or an expense?
Neither.
The actual loan is a capital item and the interest on the loan is an expense for the borrower but income for the lender.
The only time the loan itself becomes an expense item is when the unrecoverable portion needs to written off and then it becomes a bad debt.
Repayment of the loan is entirely on the asset accounts for both the borrower and lender.
Can you buy small cylinders of nitrogen for home brew?
In the UK you can rent small cylinders of Nitrogen and mixtures of Carbon Dioxide and Nitrogen for dispensing home brew, you can not buy the cylinder for safety and legal reasons, you pay a charge for the gas and a monthly rent for the cylinder.
Can a husband let the wife take over the loan of a house without her having rights to own the house?
If the loan by the Bank than it will be on your name. Do not pay loan if someone else as name to the loan.
What happens to charged off debt in chapter 7 bankruptcy if you refinance mortgage?
This confuses two different concepts. A "charge off" is an accounting and tax term that means the creditor does not believe a debt is going to be repaid. It gives the lender a tax deduction.
A discharge in bankruptcy is a permanent injunction against a creditor taking any action to collect a debt, including debt collection agencies or successors/purchasers of a discharged debt.
Assuming the refi of the mortgage happens after discharge, nothing happens. If the refi happens while a c 7 or 13 is still pending, and lowers the mortgage payment, and has been approved by the bankruptcy court, it could affect how much you have to pay to the trustee.
Why does refinancing your home have a gap note?
1st of all a cat can only breed with a chicken if the moose permits it
Can you sue after your home is taken by the bank?
The answer is, yes, you can sue anyone for any reason. However, if you default on your home loan the bank forecloses, you will probably not win as long as the bank followed all the laws for wherever you are located.
When buying a car if your a first time buyer do you have to put down a down payment?
Depends on the policy (rules) adopted by the seller. It's not a law in most places.
Is it better to short sale a house or refinance to get credit in good standing?
It's better to refinance. A short sale will reflect negatively on your credit record.
It's better to refinance. A short sale will reflect negatively on your credit record.
It's better to refinance. A short sale will reflect negatively on your credit record.
It's better to refinance. A short sale will reflect negatively on your credit record.
How can you apply a mortgage through the government?
You apply through a bank or credit union. If you qualify, they will set you up for a VA (Veterans Administration) or an FHA (Federal Housing Authority) loan.
Does the co-op board have to approve a shareholder's request for a home equity loan?
Yes. But in practice, the Board delegates such powers to the operating personnel with limits in place.
Is there government funds to help if your mortgage is behind with payments?
Yes just check around your state to c any housing programs
Can you quit claim a deed after bankruptcy is discharged?
Yes, because after bk discharge you still own the house . The only way to get out from under the house is to get your name off the deed. Ether by forcloser, short sale, or normal sale. If you can find someone to quit claim deed to that will work also. Because after bk discharge you are not responsible for the mortgage, so if you can get off of the deed you are free.
How much is the monthly payment to pay off my mortgage in 12 years?
Google mortgage calculator. Find one online and fill out the questions... You will need to know balance and rate...
Can i get an equity loan on a house i own but the mortgage is in my father's estate?
If you mean that you own your property and had granted a mortgage to your father then his estate must release it. His estate must be probated in order for an estate representative to have the authority to issue a release. The bank will likely want the probate issues to be addressed before it will loan any money to you unless you own a considerable amount of equity in the property. The best thing to do is ask around at local lenders.
If you mean that you own your property and had granted a mortgage to your father then his estate must release it. His estate must be probated in order for an estate representative to have the authority to issue a release. The bank will likely want the probate issues to be addressed before it will loan any money to you unless you own a considerable amount of equity in the property. The best thing to do is ask around at local lenders.
If you mean that you own your property and had granted a mortgage to your father then his estate must release it. His estate must be probated in order for an estate representative to have the authority to issue a release. The bank will likely want the probate issues to be addressed before it will loan any money to you unless you own a considerable amount of equity in the property. The best thing to do is ask around at local lenders.
If you mean that you own your property and had granted a mortgage to your father then his estate must release it. His estate must be probated in order for an estate representative to have the authority to issue a release. The bank will likely want the probate issues to be addressed before it will loan any money to you unless you own a considerable amount of equity in the property. The best thing to do is ask around at local lenders.
How do you remove a home loan from you credit report after bankruptcy it was listed on Bankruptcy.?
Bankruptcy information (and other legal actions like judgments) may stay on a credit report for up to ten years after the fact. If your credit report still reflects a bankruptcy after ten years, create a dispute/update request with the associated credit reporting company and include proof that the bankruptcy is older than ten years old (the state record of the original date of bankruptcy action is typically all of the proof one needs).
Negative items (including home loans that may have been forgiven) may stay on your credit report for up to seven years after the occurrence, regardless of bankruptcy status. Similar to the process above, if there is negative information on your credit report after seven years, one can request an update/modification of the credit report by providing appropriate proof.
