Secured with SHA-256 Encryption
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
When landlords lose properties to foreclosure, tenants are often in trouble. Tenants who get evicted have a few remedies against their former landlords including exercising their rights to “quiet enjoyment” of the property.
→ Read MoreIf the value of your home drops, making the amount of your mortgage higher than the actual value of the property, you are considered to have an “upside down mortgage.” However, an upside down mortgage is just like any mortgage: it is a contract that legally binds you to fulfill your obligation of paying the loan in full.
→ Read MoreA “loan contingency clause”, also known as a “mortgage contingency clause” , is a provision in the home purchase contract that says that if the prospective buyer can’t get a mortgage within a fixed period of time, s/he can call the whole deal off. In other words, the agreement is conditional on the buyer being able to obtain a mortgage on the property.
→ Read MoreShould I have a lawyer review the mortgage papers?
→ Read MoreForeclosure laws vary from state to state. In some states, a lender may foreclose without going to court (these are called a “power of sale,” “foreclosure by advertisement,” or “trustee sale” states); some require court action (these are often referred to as judicial foreclosure states).
→ Read MoreThe down turned economy has left many Americans facing foreclosure of their home – including New Yorkers. But what does the term “foreclosure” really mean? Our New York legal expert explains what it means, the best way to deal with it, how long you can stay in your home and offers advice on how to beat foreclosure.
→ Read MoreA charge the lender makes when a mortgage is repaid before a certain period of time elapses. In effect, you are “penalized” for paying off your mortgage early. Not all lenders impose a mortgage prepayment penalty. From a mortgage lender’s perspective a prepayment penalty helps the lender at least recoup some or all of the significant expense it incurs in putting a new loan on the books. If the loan is to be repaid quickly, such as if you refinance it elsewhere, the lender can incur a loss, as it has not had time to make up the costs it advanced. Lenders also know a mortgage prepayment penalty discourages prepayment.
→ Read MoreI was applying for a mortgage loan and the lender wants me to sign IRS form 4506. What’s this?
→ Read MoreThe length of time you will be allowed to remain in the home after a foreclosure varies from state to state. However, no matter the jurisdiction, legally speaking, you do not have to move out immediately after receiving notification of a foreclosure. You may remain in the home until you receive notification of the sheriff’s sale. The notice will include the date and time of the sale.
→ Read MoreWho are Fannie Mae, Ginnie Mae, and Freddie Mac?
→ Read MoreFind the right lawyer for your legal issue.
Secured with SHA-256 Encryption
