Some may refer to a mortgage as a “lien,” which represents a security interest by a lender on a piece of property. Whatever is left over from the original loan amount is referred to as the existing lien. Others might refer to the mortgage as a trust deed, or deed of trust, which ...
If you have a financial hardship, a mortgage modification may help you keep your home. Learn what a mortgage modification is and how to get one.
Your mortgage principal is the original sum of money you borrowed to purchase your home. Keep reading to learn the ins and outs of your mortgage principal.
If the reverse mortgage come due after your death, your heirs can sell the home for the full loan balance — or at least 95% of its appraised value, if the amount owed is more than what the property is worth. Besides selling the home, you can close out a reverse mortgage with a lum...
In some states a mortgage is administered through a legal mechanism known as a Deed of Trust. In those states you will be granted a Release of Deed of Trust upon payoff as opposed to a Release of Mortgage. In other states, a Release of Mortgage may be referred to as a Release of Lien...
Unlike a mortgage, where there are two parties, the borrower and the lender, there are three parties to a deed of trust. Texas is a "title theory" state, which means that the property remains in trust until the loan is satisfied (paid in full). Therefore, the parties are the borrower...
or business property, the mortgage will be discharged by the lender. At this point,ownership of the property is transferred from the lender to the former borrower. To finalize the transfer, the lender willrelease the lienon the property, cancel the note and mail the deed to the property ...
Looking for online definition of mortgage or what mortgage stands for? mortgage is listed in the World's most authoritative dictionary of abbreviations and acronyms
"Mortgage" can also refer to the legal document outlining the loan terms and permitting your lender to seize the home if you don't repay the loan as agreed. In some states, this document is called a deed of trust. » MORE: How to buy a house Mortgage loans from our partners Best ...
The lender holds the title to real property until the mortgage’s terms have been satisfied when a deed of release is commonly entered into. A deed of release can also free an employer and an employee of any obligations under their employment agreement, such as in the case of a severance ...