Sentences with phrase «mortgage lien position»

Rate adjusted quarterly based on Prime Rate + / - a margin and based on first mortgage lien position.

Not exact matches

In other words, with a Home Equity Loan or HELOC, you will have two mortgages on your property; in all likelihood, it will have a higher interest rate than your first mortgage due to the fact that it will be held in a second lien position against the property.

Benefits of Cash - Out Refinances include possibly lower rates and simpler terms since the cash out is provided on the loan in the first lien position on the home, and a second mortgage is not applicable.

However, if your house is completely paid for and you have no mortgage, some lenders allow you to open a home equity line of credit in the first lien position, meaning the HELOC will be your first mortgage.

They are also referred to as second mortgages, because they are used once you actually own the house, and also because the HEL will occupy a second - lien position behind the first mortgage.

Therefore, if a person defaults on their mortgage and home equity loans, the lender listed in the 1st lien position on the mortgage would get paid the balance, and whatever dollar amount is leftover would go to the home equity lender.

The lender who pays the pax in exchange for the lien would be in a senior position on the btitle (senior to the first mortgage) and would enter into an agreement with the property owner to pay back the loan, at interest of up to 18 %.

First Mortgage — A mortgage is in the first lien position, which takes priority over all other liens, such as a home equity loan Mortgage — A mortgage is in the first lien position, which takes priority over all other liens, such as a home equity loan mortgage is in the first lien position, which takes priority over all other liens, such as a home equity loan or line.

Realtors have raised concerns about these loans because they often take a first - lien position, creating problems for backers of the primary mortgage when there's a default.

Lien position is relevant because in a foreclosure proceeding, the legal entities would determine which mortgage lenders are paid first based on lien position on tiLien position is relevant because in a foreclosure proceeding, the legal entities would determine which mortgage lenders are paid first based on lien position on tilien position on title.

«Second mortgages are in second lien position, meaning they get paid after the first mortgage.

However, before the real estate sale document is executed, the lawyer must verify the position of the existing registration including liens, mortgages, etc, and make sure all back taxes and government fees are paid up to date.

NAR noted that most PACE loans are in the primary lien position, which means that in the event of a default, these loans get repaid first, even before the mortgage.

NAR signed on to a joint letter, along with the Mortgage Bankers Association, the Financial Services Roundtable and several other financial services and real estate groups, that raised several concerns about PACE loans, especially the provision that places any PACE loans in a first lien position ahead of the primary mMortgage Bankers Association, the Financial Services Roundtable and several other financial services and real estate groups, that raised several concerns about PACE loans, especially the provision that places any PACE loans in a first lien position ahead of the primary mortgagemortgage.

«Few, if any lenders are going to accept this secondary lien position,» real estate agent Then said, so the tax - lien associated with the HERO improvements will have to be paid off, in most cases, at the time a sale closes or the mortgage is refinanced.

However, by that date, C Ltd. was not in a position to clear an existing mortgage and liens, so I Inc. extended the closing date to May 23 at the same 4.08 per cent rate.

Wingspan Portfolio Advisors is a Dallas area - based specialty and component mortgage servicer that applies advanced and highly specialized servicing techniques to turn non-performing mortgage loans into re-performing assets, regardless of lien position.

First Mortgage — A mortgage which is in first lien position, taking priority over al other liens (which are financial encumbMortgage — A mortgage which is in first lien position, taking priority over al other liens (which are financial encumbmortgage which is in first lien position, taking priority over al other liens (which are financial encumbrances).

The Rule applies to any closed - end consumer loan secured by a dwelling that is subject to TILA, regardless of owner occupancy (e.g., first and second homes) or lien position, including closed - end reverse mortgages.

Loan approval is not guaranteed and all loan applications are subject to verification of acceptable credit, income, employment, lien position and value of collateral in the sole discretion of Hanover Mortgage Company.

You see, since the financing for the HERO program is a tax lien and it is paid with your property taxes, it takes first position over other liens against the property (i.e. mortgage lenders).

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

3) That the first position is so important that the Federal Housing Finance Agency prohibits Fannie Mae and Freddie Mac (conventional loans) and FHA from purchasing mortgages or notes with these types of liens on the property - either as refinances or purchases.

Bill now owns the house and Bigger Bank has a first position lien on the house with the new mortgage.

But the loans are considered problematic because they typically are put in a first - lien position, which can make them incompatible with mortgage loans.

From what I understand, is that it allow other liens to fill up 1st and 2nd position, then 1st mortgage in 3rd position?

Collection accounts or charged - off accounts that exceed the above limits do not have to be paid off at or prior to closing, provided all of the following are documented: a strong credit profile, meaningful financial reserves, evidence that the accounts pose no threat to Fannie Mae's first mortgage lien and evidence that the outstanding accounts are not likely to affect the borrower's equity position.»