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mortgage: Parties to a Mortgage;
- 08/01/15 01:30 PM
There are two parties to a mortgage:(1) the mortgagor, or borrower (debtor),(2) the mortgagee, or lender (creditor).The mortgagor owns the property, and the mortgagee owns the mortgage. A mortgage is regarded as an investment or chattel (personal property) by the mortgagee and, like other such investments, may be sold to another investor if desired (see below).
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mortgage: Four Ways to Purchase Mortgaged Property
- 07/06/15 01:21 PM
Four Ways toPurchase Mortgaged Property
A buyer may purchasemortgaged property in at least four ways:
1. Cash. The mortgage may be paid infull from the sale proceeds, a satisfaction of mortgage recorded, and theproperty delivered free and clear of the mortgage lien at the time of closing.
2. Subject to the mortgage. If the existing mortgagedoes not contain a due-on-sale clause, the mortgaged property may be purchasedsubject to the mortgage. Here both the existing mortgage and the existing noteremain the obligation of the seller. The buyer is responsible for regularpayments on the mortgage to retain possession. If the buyer fails to makepayments or defaults, the … (1 comments)
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mortgage: CSJ Real Estate Specializes in Foreclosures and Short Sales in Destin, Florida
- 06/24/12 11:39 AM
If you facing foreclosure, let CSJ Real Estate fight for you. With an in-house attorney, CSJ Real Estate specializes in foreclosures, short sales and mortgage Assistance.
When it comes to buying and selling Real Estate in Destin Florida, CSJ Real Estate Investments LLC is the right choice for all your needs. CSJ Real Estate is a Real Estate Company in Destin Florida who will handle all of your real estate needs.
Are you looking to buy or sell, CSJ Real Estate in Destin Florida is the right choice. Visit our website at http://www.csjrealestateinvestments.com
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mortgage: CSJ Real Estate in Destin Florida
- 04/27/12 01:07 AM
When it comes to buying and selling Real Estate in Destin Florida, CSJ Real Estate Investments LLC is the right choice for all your needs. CSJ Real Estate is a Real Estate Company in Destin Florida who will handle all of your real estate needs.
If you facing foreclosure, let CSJ Real Estate fight for you. With an in-house attorney, CSJ Real Estate specializes in foreclosure and mortgage Assistance.
Are you looking to buy or sell, CSJ Real Estate in Destin Florida is the right choice. Visit our website at http://www.csjrealestateinvestments.com
Captain Wayne Rowlett is Broker Of Record for CSJ Real Estate in Destin. Captain … (2 comments)
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mortgage: Advantages and Disadvantages of a 30 year Mortgage
- 02/22/12 11:06 AM
Advantages
Monthly payments on the loan are spread over 30 years, offers the borrower protection against future increases in interest rates and inflation rates. providing for the orderly repayment of the amount borrowed. Household budgets are easier to manage because borrower does not have to plan for changing payment amounts or interest rates. Disadvantages
If overall interest rates drop, as they did in years 2000-2001, the rate on a fixed-rate mortgage will not go down with them. To take advantage of lower interest rates, the original loan must be refinanced, requiring the borrower to pay substantial closing costs on the new … (1 comments)
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mortgage: Loan Discrimination
- 01/14/12 07:24 AM
The Civil Rights Act requires lenders not to discriminate against mortgage loan applicants on the basis of race, color, national origin, religion, sex, age, or marital status.
Borrower rights are better protected since passage of the Equal Credit Opportunity Act. The Act requires fair consideration of consumer loan applications from women, minority races, part-time employees, and others. Lenders may not discriminate based on the fact that all or part of the applicant’s income comes for public assistance or that the applicant has exercised any right under the federal consumer credit protection law. Mortgage lenders have specific guidelines for loan … (1 comments)
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mortgage: Term Mortgages and Amortized Level-Payment Mortgages
- 10/11/11 01:31 AM
With a Term Mortgage buyers pay the interest only until the full term of the mortgage expires.
Then they pay all the principal or refinance the loan. A term mortgage is a non-amortizing loan.
Term mortgages are used for short term financing such as for construction loans.
The most popular loan payment plan is the fully amortized level-payment mortgage. A fully amortized mortgage is one with regular payments each month of principal and interest. Amortize mean to end or extinguish. The amortized mortgage loan is gradually extinguished by payment.
· The payment remains the same each month. It is a (level … (0 comments)
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mortgage: Bi-Weekly and Partially Amortized Mortgages
- 10/11/11 01:27 AM
A Biweekly mortgage loan is amortized the same way as other loans with monthly payments, except the borrower makes payments every 2 weeks.
Each payment is half of the regular monthly payment Borrower makes 26 biweekly payments, which is equivalent of an extra month’s payment each year.
With a Partially amortized mortgage, the buyer makes regular payments smaller than what is required to completely pay off the loan by the date of termination. Regular payments do not completely pay off the loan at the end of the term.
A single large final payment, called a balloon payment, of accrued interest and … (0 comments)
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mortgage: Package Mortgage and Purchase-Money Mortgage
- 10/11/11 01:25 AM
A Package mortgage includes both real and personal property as security for the debt.
For example, a package mortgage would be a restaurant that included the cooking equipment as part of the collateral for the debt.
A Purchase-money mortgage (PMM) is a mortgage given as part of the buyers consideration for the purchase of real property.
It is usually a mortgage taken back by a seller from a buyer in lieu of purchase money.
Information courtesy of Rowlett Real Estate School LLC Call Captain Wayne Rowlett for information on Real Estate Training, or visit our website at http://www.rowlettrealestateschool.com
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mortgage: Satisfaction of Mortgage
- 10/03/11 01:09 AM
When the mortgagor pays the debt in full, the mortgagee executes a satisfaction of mortgage. Florida statute requires mortgagee must cancel the mortgage and send the recorded satisfaction to the mortgagor within 60 days.
When a mortgage default occurs, the lender can initiate a suit on the promissory note or initiate a foreclosure proceeding.
Foreclosure is a court process to transfer title to real property used as security for debt as a means of paying the debt by involuntary sale of the property
The mortgagee has two types of remedies:
1. Initiate a suit on the promissory note
Sue on … (1 comments)
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mortgage: Promissory Note
- 10/03/11 12:43 AM
Two instruments are involved in a mortgage loan
1. The Promissory note
The actual promise to repay 2. The Mortgage
Creates the lien interest
A promissory note must accompany all mortgages in Florida. The note is evidence of a debt and a promise to repay.
The note is a separate legal instrument that makes the borrower personally liable. The note includes terms of the agreement v A mortgage is an instrument that pledges property as security (collateral) for a debt.
Provides for the lender to place a voluntary lien on real property. Hypothecation is pledging property as security for the … (0 comments)
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mortgage: Get Your Customer Preapproved
- 08/07/11 04:44 AM
Before buyers begin looking at houses, they should have a good understanding of their own financial capabilities and housing objectives.
Licensees should explain both issues to their customers to help them understand the importance of getting preapproved. This is important because if a loan application is denied, the applicant may lose the opportunity to buy the home.
In addition, your customer needs to know that some expense are involved in applying for a loan. Fees may range from $150 to $500, depending on the property and circumstances.
~Captain Wayne
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mortgage: Mortgage Assumption
- 01/15/11 09:06 AM
In times of rising mortgage interest rates, it may benefit a buyer to assume the loan originally issued to the seller. In such a case, the buyer may be willing to pay a premium for the home in exchange for assuming the below-market interest rate loan.
Courtesy of Rowlett Real Estate School
P.Stone,RRES
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There are two parties to a mortgage:(1) the mortgagor, or borrower (debtor),(2) the mortgagee, or lender (creditor).The mortgagor owns the property, and the mortgagee owns the mortgage. A mortgage is regarded as an investment or chattel (personal property) by the mortgagee and, like other such investments, may be sold to another investor if desired (see below). 
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