Sentences with phrase «existing liens»
"Existing liens" refers to any legal claims or debts that are already attached to a specific property or asset. It means that there are already some outstanding obligations or financial burdens on the property that need to be resolved before any new transactions or ownership changes can take place. Full definition
2 Your current mortgage (s) and any other existing liens against the property, must be paid off at or before closing.
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2 Your current mortgage (s) and any other existing liens against the property, must be paid off at or before closing.
Members can borrow up to 80 % of the value in their homes, less existing liens.
It protects you from losses which may arise as a result of existing liens against the property's title.
Existing lien holders must agree to accept the proceeds of the H4H refinance as full payment, and to release their liens.
Because loan proceeds will always go towards paying off existing liens first, a reverse mortgage provides borrowers with the most disposable cash if the home is either paid off or the remaining mortgage balance is low.
Because loan proceeds will always go towards paying off existing liens first, a reverse mortgage provides borrowers with the most disposable cash if the home is either paid off or the remaining mortgage balance is low.
Obtain clear title by ordering title reports; resolving title defects; satisfying existing liens and encumbrances against property or principals.
That could include existing liens and even current occupants that need to be evicted.
Civic was used to pay off existing lien holders and provide cash out to invest in an out of state project.
The loan balance on day 1 of your reverse mortgage will include: payoff of existing liens / mortgage, origination costs, up front mortgage insurance premium (MIP), and any of the reverse mortgage funds you take up front.
She can't sell or refinance her house with the existing lien unless she pays her back taxes, while in the meantime interest charges and penalties pile up.
Financing not to exceed 80 % Loan to Value (v) less any existing liens or loans.
For example, a requirement that an existing lien on the property must be cleared by a certain date.
The UCC - 1 becomes a public record, allowing potential creditors to see whether a given property is already pledged against an existing lien.
You may also be required to prove that there are no existing liens.
She can't sell or refinance her house with the existing lien unless she pays her back taxes, while in the meantime interest charges and penalties pile up.
The property's title report must reflect that there are no existing liens on the property.
Your reverse mortgage professional will take into account the details of your exact situation, as well as other important considerations such as any existing liens or fees that must be attended to prior to receiving your loan proceeds.
In addition, the loan proceeds would pay off any existing liens, thus eliminating the homeowner's monthly mortgage payment.
This use is most common with reverse mortgages, since borrowers must pay off their existing lien, and without a monthly mortgage payment, «borrowers are responsible for paying property taxes, homeowner's insurance, and for home maintenance», it makes it easier to use the extra cash flow to pay down bills.
According to Nationwide originators, bad credit second mortgage and refinance loans are in demand more than ever for borrowers with credit problems who seek money with a lower interest rate that is available by redoing your existing lien.
If you do not have existing liens to pay off, you would lose the availability of the remaining funds after the initial draw.
The proceeds can be used for any purpose, but any existing liens on the property must be paid off at closing.
The reverse mortgage must be the first lien on the property, so any existing liens on the property, including mortgages, must be repaid in full.
The reverse home mortgage must be the first lien on the property, so any existing liens on the property, including mortgages, must be repaid in full.
Once all existing liens are repaid, the borrower can use the funds from the reverse mortgage in any way they see fit.
All existing liens on the home are repaid and the reverse mortgage lien is placed on the property.
The reverse home mortgage must be the first lien on the property, so any existing liens on the property, including mortgages, must be repaid in full before the reverse mortgage can be approved.
Make sure all quotes and / or approvals have the same starting figure, which is: A) The amount paid to your existing lien holder.
Home value: $ 500,000 Existing liens: $ 300,000 Cash - out refinance: $ 400,000 ($ 400,000 new 1st mortgage, no 2nd mortgage, $ 100k cash goes to borrower) Home equity: $ 100,000
Whatever is left over from the original loan amount is referred to as the existing lien.
Any existing liens on a property in an estate will need to be settled.
FHA 203K Loans When a homebuyer wants to purchase or refinance a house in need of repair or modernization, the borrower usually has to obtain financing first to purchase the dwelling or financing to take out any existing liens should they already own it; additional financing to do the rehabilitation construction; and a permanent mortgage when the work is completed to pay off the interim loans with a permanent mortgage.
Product Information: A line of credit in Texas for the sole purpose of refinancing (with no cash - out) an existing lien that is not a Texas (a)(6) lien under Section 50 (a)(6) of the Texas Constitution.
A line of credit in Texas for the sole purpose of refinancing (with no cash - out) an existing lien that is not a Texas (a)(6) lien under Section 50 (a)(6) of the Texas Constitution.
Worked closely with title departments to ensure all existing liens and taxes were satisfied and all appropriate documents were recorded and filed with each county.
The proceeds can be used for any purpose, but any existing liens on the property must be paid off at closing.
Home Equity — the value of a property less any and all existing liens.
In addition, the loan proceeds would pay off any existing liens, thus eliminating the homeowner's monthly mortgage payment.
This use is most common with reverse mortgages, since borrowers must pay off their existing lien, and without a monthly mortgage payment, «borrowers are responsible for paying property taxes, homeowner's insurance, and for home maintenance», it makes it easier to use the extra cash flow to pay down bills.
The property Title report must reflect that there are no existing liens on the property.
However, if your home is in need of FHA - required repairs or you have an existing lien, judgment, or taxes that are due, those must be satisfied, either through the reverse mortgage loan proceeds or prior to obtaining a reverse mortgage loan.