Sentences with phrase «existing liens first»

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.

Not exact matches

The existing first lien may include the interest charged by the servicing lender, when the payoff is not received by the first of the month, but may not include any delinquent interest.

Existing Debt: Add the sum of the existing FHA insured first lien, closing costs, reasonable discount points and the prepaid expenses necessary to establish the escrow account, and subtract any refund of upfront mortgage insurance premiums (UFMIP) as describeExisting Debt: Add the sum of the existing FHA insured first lien, closing costs, reasonable discount points and the prepaid expenses necessary to establish the escrow account, and subtract any refund of upfront mortgage insurance premiums (UFMIP) as describeexisting FHA insured first lien, closing costs, reasonable discount points and the prepaid expenses necessary to establish the escrow account, and subtract any refund of upfront mortgage insurance premiums (UFMIP) as described below.

b) The sum of the existing first lien, any purchase money second mortgage and / or any junior liens over 12 months old, closing costs, prepaid expenses, accrued late charges, escrow shortages, borrower paid repairs required by the appraisal, discount points, prepaid penalties charged on a conventional loan and FHA Title 1 loans as determined by the appropriate HOC subtract any refund of refund of upfront MIP.

The existing first lien may include the interest charged by the servicing lender when the payoff is not received on the first day of the month as is typically assessed on FHA mortgages, late charges or escrow shortages, but may not include delinquent interest.

Lenders first use reverse mortgage loan proceeds to pay off existing mortgages and liens on the property, after which borrowers may use the rest of the funds in almost any way they wish.

«If the new maximum FHA loan is not enough to pay off the existing first lien, closing costs and arrearages,» said HUD, «the lender may execute a second lien at closing to pay the difference.

FHA will permit the inclusion of the existing first lien, any purchase money second mortgage, closing costs, prepaid expenses, discount points, prepayment penalties, and late charges.

* Under certain conditions explained below, FHA will insure first mortgages where (1) the existing note holder writes off the amount of indebtedness that can not be refinanced into the FHA insured mortgage; or (2) either the FHA approved lender making the new mortgage or the existing note holder may take back a second lien that includes closing costs, arrearages or previous secondary financing if the indebtedness exceeds FHA prescribed LTV and maximum mortgage amount limits.

The first step in this new process is to delete any incorrect tax lien information that already exists on consumer reports.

A refinance transaction in which the new mortgage amount is limited to the sum of the remaining balance of the existing first mortgage, closing costs (including prepaid items), points, the amount required to satisfy any mortgage liens that are more than one year old (if the borrower chooses to satisfy them), and other funds for the borrower's use (as long as the amount does not exceed 1 percent of the principal amount of the new mortgage).

A refinance transaction in which the amount of money received from the new loan exceeds the total of the money needed to repay the existing first mortgage, closing costs, points, and the amount required to satisfy any outstanding subordinate mortgage liens.

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.

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.

The existing loan to be refinanced may not have been brought current by the existing first lien holder, except through an acceptable permanent loan modification

A third mortgage is a loan that is subordinated to existing first and second mortgage liens.

Chapter 13 is the only chapter that provides this; in order to «strip» a junior lien, the chapter 13 debtor must prove that the junior lien is completely unsecured - that is, that the value of the home is less than the balance of the existing first mortgage.

The loan must be secured by the first lien (your existing 1st mortgage) on the property.

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.

A refinance transaction in which the new loan amount exceeds the total of the principal balance of the existing first mortgage and any secondary mortgages or liens, together with closing costs and points for the new loan.

Also, even after the payment gets deposited into the bank by your lawyer, those lawyers must first resolve medical and Medical / Medicare liens, if they exist.

However, the reverse mortgage must be in a first lien position, so any existing indebtedness must be paid off.

To receive the U.S. Bank Customer Credit, a U.S. Bank Personal Checking Package must be established prior to final loan approval, or must have an existing first lien mortgage with U.S. Bank.