By Jack Guttentag
A one-stop reference for in-depth reasons of loan subject matters With the production of such a lot of new, complicated loan courses, it is tough for shoppers --not to say genuine property brokers, lawyers, final brokers, and loan brokers--to preserve song of all of them. Written by means of nationally syndicated genuine property columnist Jack Guttentag, The personal loan Encyclopedia is helping readers comprehend some of the personal loan phrases, beneficial properties, and concepts via providing transparent, targeted motives. The alphabetical association of phrases makes it effortless to fast locate info on any subject, from FHA, Investor, and No-PMI Loans to Origination expense and fee glide. every one access comprises not only an outline of the time period, but additionally correct suggestion for shoppers, resembling solutions to the questions "Is this mortgage correct for me?" and "Can I negotiate this fee?" publications readers throughout the bewildering array of recent loan courses positive factors definitions and causes of universal personal loan, escrow, and shutting charges and arcane personal loan terminology
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Additional info for The mortgage encyclopedia: an authoritative guide to mortgage programs, practices, prices, and pitfalls
Example text
Mortgage notes at that time did not prohibit assumptions, and the courts ruled that lenders could not prevent them. Following that experience, however, lenders began to insert Dueon-Sale Clauses in their notes. ) These stipulate that if the property is sold, the loan must be repaid. Even with a due-on-sale clause, the lender may allow an assumption—keeping the loan on the books avoids the cost 24 Assumable Mortgage of making a new loan—but the interest rate will be raised to the current market rate.
You only do it for someone in whom you have a lot of confidence. 39 Co-Signing Credit Report Too often, people co-sign without giving it much thought—until they find themselves being dunned for payment. Then they begin to look for ways to escape. But there is no escape. Once you co-sign a note, there are only two ways to get off. Either the loan must be repaid in full, by the borrower or you, or the lender must agree to take you off. The lender is not going to let a co-signer off the hook when the borrower stops paying.
But if this was not part of the original agreement, it is unlikely that the remaining partner will agree later—unless refinancing becomes financially advantageous at the time. If both the original lender and the remaining partner refuse to help, 35 Co-Borrowers Construction Financing a new lender may be willing to ignore the old mortgage obligation if presented with evidence that the remaining partner has been meeting the payment obligations. Unlike the old lender, a new lender has something to gain by wiping the departing partner’s slate clean.