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
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.
least part of the problem be that the mortgage industry has not
adjusted to the way millions of renters work?
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.
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.
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.
some buyers do experience financial challenges and find themselves unable to
pay their mortgages.
briefly explore the ramifications, as seen through a case that shook
mortgage lenders’ expectations in homes they held legally through deeds of
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.
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.
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?