Sentences with phrase «obligated by the mortgage»
The difference between being a co-borrower instead of a co-signer is that co-borrowers are obligated by the mortgage and they co-own the property.
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However, doing this gives your partner some ownership interest in the property, while you would be the only one obligated by the mortgage.
However, doing this gives your partner some ownership interest in the property, while you would be the only one obligated by the mortgage.
Not exact matches
Your lender is obligated by law to tell you at closing how long it will take for you to sufficiently pay down your loan in order to cancel mortgage insurance.
HUD interprets the word «sale» to include any post-death conveyance of the mortgage property (even by operation of law) to the borrower's estate or heirs (including a surviving spouse who is not obligated on the HECM note).»
By furnishing any and / or all of the documentation, an applicant is in no way obligated to accept the terms and conditions of the mortgage offered, nor does the borrower have to provide these documents to receive a Loan Estimate.
Despite being obligated by industry standards (and the law) to provide such information, they omit such things as lot size, age of house, and other tidbits necessary for a CMHC mortgage approval.
Can his name be removed from the FHA loan, especially since he is no longer obligated to pay the first mortgage by not reaffirming the debt during his Chapter 7 more...