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38 Tag Results
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March 11, 2010
Loan Modification
Borrowers in need of a loan modification must work with their lender's loss mitigation department. In order to be successful, homeowner's should take time to become educated about the process involved and be prepared to provide financial records.
In order to obtain a loan modification, borrowers must meet certain criteria. Obviously, lenders want to make certain borrowers can afford modified loan payments. Therefore, borrowers should be prepared to provide bank statements, payroll records, detailed list of income and expenses and previous years' tax records.
Real Estate Investing article on "Loan Modification"
February 01, 2010
Hard Money Lender Real Estate
Hard money lender real estate refers to private lenders providing financing to home buyers and investors for the purchase of real property. Hard money loans are considerably more expensive than conventionally financed loans and are intended as short-term interim financing.
Hard money lender real estate funding is often the only source available to borrowers with bad credit. This type of home mortgage loan can be used to help borrowers establish or rebuild credit. Real estate investors sometimes obtain hard money loans to purchase commercial real estate or investment properties intended for house flipping.
Real Estate Investing article on "Hard Money Lender Real Estate"
December 26, 2009
Property Tax
Real estate property tax is assessed by local governments such as cities, townships, counties, parishes and boroughs and is the primary source of income for communities. The majority of state property tax is used for education, while remaining funds are used for county and municipality expenses such as paying government employee salaries, road repairs and improvements to infrastructure.
Mortgage lenders calculate property tax by multiplying the tax rate times the property value. When borrowers buy houses, a property appraiser assesses the value of the real estate based on several factors. The appraised value can be higher or lower than the purchase amount. When buying a house, the goal is to purchase the property for less than the appraised value.
Real Estate Investing article on "Property Tax"
December 22, 2009
Deed
A deed is a common document used in real estate transactions to transfer property titles. Real estate deeds must be filed through the local County Recorder's office. They are used to document legal property description, individuals involved in the transaction, and property owner.
When real estate is transferred, a new deed is recorded. The type of deed used depends on the state where property is located, as well as the type of real estate transaction. The most common include: warranty deeds, deed of trust, quitclaim, grant, and deed in lieu of foreclosure. Let's take a brief look at each deed definition.
Real Estate Investing article on "Deed"
October 01, 2009
Mortgage Forbearance
Mortgage forbearance is a financing option available to qualified borrowers who become delinquent on their home mortgage loan. Lenders enter into forbearance agreements to help homeowners avoid foreclosure. The only "catch" is borrowers must provide evidence they possess the financial means to cure mortgage arrearages and remain current on future mortgage payments.
Once a mortgage forbearance agreement is in place, lenders cannot proceed with foreclosure action unless borrowers default on their repayment plan. In most cases, borrowers work with their lender's loss mitigation department to obtain approval for extending mortgage payments
Real Estate Investing article on "Mortgage Forbearance"
September 26, 2009
Debt Solutions
Today, many people are looking for debt solutions. They are tired of being stressed out by mounting debt and exorbitant interest rates. Millions of Americans require immediate debt help in order avoid foreclosure or bankruptcy.
Several debt solutions exist including: budgeting, debt consolidation, debt management, debt settlement, credit counseling and bankruptcy. Each option carries its own set of pros and cons. Not all options are available to everyone. Some require debtors to meet specific criteria, while others charge fees for services rendered.
Real Estate Investing article on "Debt Solutions"
September 08, 2009
BPO
BPO is the acronym for Broker Price Opinion. BPO's are used within the mortgage lending industry to obtain summarized property appraisals. Broker Price Opinions are used to obtain an estimated value of real estate and are not as thorough as conventional appraisals.
BPO appraisals are often used when homeowners enter into mortgage refinancing or apply for a home equity line of credit (HELOC). BPO's are frequently used to obtain estimated property values of distressed properties such as foreclosure or short sale homes. They can also be used when borrowers obtain a loan modification to avoid foreclosure.
Real Estate Investing article on "BPO"
August 28, 2009
Home Mortgage
Obtaining a home mortgage loan today is considerably more difficult than a few years ago. Unfortunately, too many people were approved for mortgage loans that weren't financially qualified to repay the debt. The end result is the massive amount of foreclosures sitting abandoned all across the country.
Today, borrowers seeking a home mortgage through traditional lenders must have nearly perfect credit, along with a strong history of paying debts on time and a solid work history. While this can be frustrating for people with less than perfect credit, alternative options exist for buying a home.
Real Estate Investing article on "Home Mortgage"
August 25, 2009
Mortgage Refinancing
Mortgage refinancing is an option available to borrower's who want to initiate a new loan against their home. Homeowner's can refinance mortgages to obtain a better rate of interest, alter terms of the loan, enter into a new type of loan, or obtain cash to pay off outstanding debts or make home improvements.
Mortgage refinancing requires borrowers to submit a new loan application either through their current lender or a different mortgage lender. Before applying for a new home mortgage it is important to review the terms of your current mortgage note. Nearly all home loans include prepayment penalties for closing the loan early.
Real Estate Investing article on "Mortgage Refinancing"
August 14, 2009
Bank Owned
Bank owned refers to real estate that has been repossessed by the bank because the borrower was unable to maintain their mortgage payments. Bank owned real estate is oftentimes referred to as real estate owned or REO properties.
Bank owned real estate is foreclosure property which did not sell at auction. Once property has been foreclosed it is first place for sale through public auction. If no acceptable bids are placed, the property is returned to the bank. At this point, it becomes the mortgage lender's responsibility to maintain the property until sold.
