7. The mortgagor is held to be the real owner of the land, the debt being considered the principal, and the land the accessory; whenever the debt is discharged, the interest of the mortgagee in the lands determines of course, and he is looked on in equity as a trustee for the mortgago...
Securing a mortgage will be dependent on how long it has been since you were discharged from your bankruptcy or consumer proposal. Most lenders consider the discharge date on both to be your new ground zero. And while there is no legally defined waiting period for when you can apply for a...
For example, they may find that Bank A offers the lowest rate, Bank B offers the lowest closing costs, and Bank C has the best possible combination of rates and fees. They will then submit your loan to Bank C on your behalf and begin the underwriting process. This is the key advantage...
Mortgage Dictionary: Key terms for homeowners Mortgage Terms Dictionary Overview # - E F - J K - O P - T U - Z selected # 100% loan A A-Credit Acceleration Clause Account Termination Fee Accrued Interest Acre ACH Acquisition Costs Addendum Additional Principal Payment ...
Hernandez also signed a sworn affidavit that he would not stay in the property for more than 90 days following the short sale, even though he intended to, and did, continue living at the property. As a result of the fraudulent short sale, the bank discharged over $98,000 of debt ...
(the "Borrower"), and AMSOUTH BANK OF FLORIDA, a Florida banking corporation, whose mailing address is Xxxx Xxxxxx Xxx 000000, Xxxxxxx, Xxxxxxx 00000 (the "Lender"); W I T N E S S E T H: WHEREAS, Borrower is indebted to Lender in the principal sum of ONE MILLION ONE HUNDRED ...
As a result of the fraudulent short sale, the bank discharged over $98,000 of debt against Hernandez. The false statements conspiracy charge is punishable by a maximum potential penalty of five years in prison and a maximum fine of up to $250,000. Sentencing is scheduled for Oct. 4, ...
Chapter 7 bankruptcy is the most common way to file bankruptcy. The process often involves a government liquidation of your assets to pay off your debts. Eventually, any remaining debt may be discharged, but you’re typically responsible for paying as much of the remaining debt as possible. ...
but the most common for an individual seem to be a "Chapter 7 No Asset" bankruptcy which relieves the borrower of most types of debts. A borrower cannot usually qualify for an "A" paper loan for a period of two years after the bankruptcy has been discharged and requires the re-establishm...
If it has been less than two years since your debts weredischarged through bankruptcy, then you will need to wait to apply for a mortgage. If you lost your previous home to foreclosure, then you may have to wait longer—typically at least three years. You can use this time to work on ...