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Mortgages can span decades. Naturally, not all homeowners outlive these long-term loans. Here, we discuss what happens when a homeowner passes away with a loan still on the home. This can be a tough topic to confront, but reviewing the potential scenarios will help you prepare for the possibility.
Continue reading “What Happens If the Mortgage on Your Home Outlives You?”
Many people hope to buy homes, but struggle to qualify for loans. And this means millions of first-time buyers are deferring their dreams of homeownership until they are in a stronger position to qualify for a mortgage loan.
Today’s renters are renting longer—often not by choice. Half of renters now in their mid 50s and older don’t anticipate buying a home any time soon, according to a survey carried out by Freddie Mac, and 15% don’t think they’ll ever be able to afford one. About a third of renters aged 40-54 don’t anticipate buying soon, with 12% predicting they, too, will never have the financial resources to buy.
Could at least part of the problem be that the mortgage industry has not adjusted to the way millions of renters work?
Continue reading “Gig Economy: The Impact on Mortgages and Real Estate Ownership”
Loan underwriters are hard to please. When a mortgage loan approval eludes the hopeful homebuyer, another signature on the papers might be the only way to move forward.
Continue reading “How Getting a Mortgage With a Co-Borrower Affects the Deed”
In May 2019, effective October 1, 2019, Nevada passed Senate Bill 382 amending the law pertaining to deeds of trust, foreclosure sales, and homeowners’ associations.
Among other things, this is a change to Nevada Revised Statute § 40.050, whose language states that a mortgage of real property is not deemed a conveyance. If a mortgage does not constitute a conveyance, the mortgage lender may take possession on the home upon the inhabitant’s default, bypassing a judicial foreclosure sale.
Nevada employs a deed of trust between the home buyer and the lender. A deed of trust places the legal ownership of a home with a designated trustee until the buyer—who holds equitable ownership—pays off the loan.
Of course, some buyers do experience financial challenges and find themselves unable to pay their mortgages.
Here, we briefly explore the ramifications, as seen through a case that shook mortgage lenders’ expectations in homes they held legally through deeds of trust.
Continue reading “Nevada Clarifies Mortgage Law, But What About Deed of Trust Lender Entry Provisions?”
Congratulations! Paying off a mortgage is an impressive milestone.
Now that you have paid off all the debt on your property, your home state’s law will direct your lender to take certain actions.
The lender will send you a certificate of satisfaction. This certificate, which the lender records in your home county, notifies the public that you have satisfied your obligation, and the lender has removed the lien from your property.
A few details of this process depend on what state your property is in, and whether your debt was secured through a deed of trust.
Continue reading “You’ve Paid Off the Mortgage. What Happens Now?”The short definition of a mortgage is that it’s a loan used to purchase real property. In Alabama, the mortgage is comprised of two parts: the security instrument and the promissory note. A security instrument is a specific type of document that provides security for the lender and contains terms (agreements) that apply until the buyer (borrower)repays the lender according to terms defined in an attached promissory note.
Continue reading “Mortgages, Security Instruments, and Promissory Notes in Alabama”
It’s every homeowner’s nightmare scenario: you get a phone call from a mortgage company, telling you your home is in foreclosure and that you must pay now or face an avalanche of debt and legal actions. But you signed the house over to someone else months or even years ago! How does something like this happen?
Continue reading “Giving Up Ownership of Real Estate When You’re Still on the Mortgage”