by Jennifer Ferri | Jan 13, 2014 | Federal Programs
While this video simplifies things to help you remember, except for the addition of an FHA mortgage insurance premium, FHA closing costs are similar to those of a conventional loan. As of 2013, the FHA requires a single, upfront mortgage insurance premium equal...
by Jennifer Ferri | Jan 12, 2014 | Legal
When a lender releases an existing mortgage for a payoff that is less or ‘short’ of the total amount due, the transaction is called a ‘short sale.’ Lenders sometimes accept short sales as an alternative to repossession and foreclosure, which...
by Jennifer Ferri | Jan 12, 2014 | Legal
Deed In Lieu’ is a common short-hand term for this situation: a borrower can’t make loan payments, and hands over their deed to the property instead, so that the lender does not have to take the home. The full phrase is ‘deed in lieu of...
by Jennifer Ferri | Jan 12, 2014 | Legal
A foreclosure is essentially a legally-forced change in possession, where a lender seizes collateralized property – such as a home – when a borrower is unable to pay the loan. While laws vary by state, borrowers typically have a ‘period of...
by Jennifer Ferri | Jan 12, 2014 | Legal
In a foreclosure, a lender takes legal possession of collateralized property from a borrower who has not met the financial conditions of the loan. Foreclosure defense is the term for legal strategies to stall or stop foreclosure. Foreclosure defense strategies may...
