Author Archives: Site Administrator
Common Types of Power of Attorney
Imagine a board game player telling a friend ‘roll for me, but don’t sell anything’. Would the friend continue to roll when the player returned? Probably not. In game terms, they were granting a limited, temporary power to act on their behalf. These two concepts – range of action and effective period – also… Read More »
Power of Attorney
What is a power of attorney and how does it work? To keep a board game running while one player takes a break, that player could say to another ‘roll the dice and move for me.’ They are granting the second player power to act fully within the game rules. This is basically what… Read More »
Foreclosure Defense
In a foreclosure, a lender takes legal possession of collateralized property from a borrower who has not met the financial conditions of the loan. Foreclosure defense is the term for legal strategies to stall or stop foreclosure. Foreclosure defense strategies may include: Modifying mortgage terms in negotiations with the lender. Challenging ownership records; foreclosure… Read More »
Understanding Foreclosure
A foreclosure is essentially a legally-forced change in possession, where a lender seizes collateralized property – such as a home – when a borrower is unable to pay the loan. While laws vary by state, borrowers typically have a ‘period of redemption’ to pay loan, interest and foreclosure costs to avoid losing the property…. Read More »
Deed In Lieu
Deed In Lieu’ is a common short-hand term for this situation: a borrower can’t make loan payments, and hands over their deed to the property instead, so that the lender does not have to take the home. The full phrase is ‘deed in lieu of foreclosure’ — they’re surrendering the deed so both parties… Read More »
What Is A Short Sale?
When a lender releases an existing mortgage for a payoff that is less or ‘short’ of the total amount due, the transaction is called a ‘short sale.’ Lenders sometimes accept short sales as an alternative to repossession and foreclosure, which can be expensive. Likewise, a short sale avoids foreclosure and credit-rating reductions for the… Read More »
How Can I Find Out About Schools & Community Resources?
The video puts this in more visual terms, but basically, contact the local Chamber of Commerce for promotional literature or talk to your real estate agent about welcome kits, maps, and other information. You can get information about school systems by contacting the city or county school board or the local schools. You may… Read More »
What Happens After I’ve Applied For My Loan?
Once you’ve supplied the 6 required piece of information and included any other information the lender deemed necessary, you’ll receive a Loan Estimate within 3 business days. Once all the information has been verified IF the loan is approved the lender will provide a Closing Disclosure to you three business days before loan consummation…. Read More »
How Do I Choose The Right Lender For Me?
There are some great tips in this video. Choose your lender carefully. Look for financial stability and a reputation for customer satisfaction. Be sure to choose a company that gives helpful advice and that makes you feel comfortable. A lender that has the authority to approve and process your loan locally is preferable since… Read More »
What Are The Steps Involved In The FHA Loan Process?
The video puts this in more visual terms, but with the exception of a few additional forms the FHA loan application process is similar to that of a conventional loan. With new automation measures FHA loans may be originated more quickly than before. And, if you don’t prefer a face-to-face meeting, you can apply… Read More »
