What is a note purchase loan?
What happens if the promise is not paid? Promissory notes are legally binding contracts. This means that if you default on your loan, you may lose your security. If there is no agreement to secure the loan, the creditor on the surety bond…
What does it mean if I am on the mortgage but not the deed?
If your name is on the deed but not on the mortgage, your position is actually advantageous. The names on the deed of a house, not the mortgage, indicate ownership. It is the act that transfers the ownership of real estate from one entity…
What does a mortgage note look?
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What if my lender Cannot produce the note?
What happens if I dont pay my promissory note?
What Happens If the Guarantee Is Not Paid? Promissory notes are legally binding documents. A person who defaults on a loan specified in a promissory note may lose the property that secures…
How do I get a mortgage note?
What does a mortgage note look?
The note gives you details about your loan, including the amount you owe, the interest rate of the mortgage loan, the dates when payments are due, the duration of the repayment, and where the payments…
Is note same as title?
Joint mortgages are usually taken out by couples, but it is possible to take out one with your (unmarried) partner, a friend, or a family member. In fact, there are lenders that allow up to four people to take out a joint mortgage.
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What does it mean to purchase a note?
Generally, the estate of the deceased person is responsible for paying any unpaid debts. When a person dies, his assets pass into his property. If there is no money or property left, the debt will usually go unpaid. Generally, no one is…
Can my wife be on the title but not the mortgage?
It is possible to be listed on the title deed of the house without being mortgaged. However, this implies ownership risks because ownership is not free and clear of liens and possible other encumbrances. Free and clear means that no one…
What is seller equity?
How do I report a gift of equity on my taxes?
If you make a "gift of property" (which does not qualify for the home sale exemption) to reduce capital gains on the sale of a home, report the sale price as the amount after the gift…
Can a mortgage be lost?
Most often, loans are rejected due to poor credit, insufficient income or an excessive debt-to-income ratio. Reviewing your credit report will help you identify what the problem is in your case.
Why do Underwriters decline mortgages?
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