Sentences with phrase «original mortgage the owner»

Not exact matches

The original HECM mortgage loan product remains available; home owners can choose between FHA HECM loans according to their needs.

Even when a property is resold quickly, or refinanced within a short period of time from the original purchase or most recent refinance, a new title search and title policy are needed because the owner could have taken actions that had an impact on his claim to the title, such as taking out a second mortgage or incurred a lien from unpaid taxes.

In the case of an assumable mortgage, the buyer has to pay upfront for the amount of equity the original owner has in the home.

Use of a home by both spouses for a period of years could be sufficient conduct to show that the original owner intended to gift the house; contributions in mortgage or tax payments, or physical management or maintenance of the home by the other spouse would be additional evidence.

Having been in the RE & Mortgage world for 22 years I was skeptical but I must say I was very impressed with both the presenter (who is one of the owner and one of the original founders of the Lexington Law Firm for those of you veterans who remember that company) and his presentation.

He notes that, if home owners have paid down a large amount of their original loan, the mortgage insurance payment can be released.

However, the original owner is formally released from the note with the lender's assignment of mortgage, that transfers total liability to the buyer.

Charles Benway, a CPA and certified financial planner with Main Street Financial in Mount Kisco, N.Y., told me many owners are not aware that when they pay down their original mortgage amount over a period of years, their acquisition debt for federal tax computation purposes declines.