Found 3 blog entries tagged as mortgage company.

Over the last year I have received more calls from divorcing couples to talk about their options. Here is one thing they often get wrong.

In most cases when a couple is getting a divorce and they own a home with a mortgage it is in the name of both owners. Typically in a divorce the property goes to the husband or the wife. The person who isn’t keeping the property will sign a deed to remove them from the property.

The problem is the mortgage is still in both names and the mortgage company doesn’t recognize that deed removing you from the liability. The only way to remove yourself is by including in your divorce decree the other owner has to refinance the mortgage or the property should be sold.

Many divorces are amicable. Things may be amicable…

677 Views, 0 Comments


 

Because the real estate market has become so competitive many buyers are waiving the right to terminate the contract based on the lender’s appraisal. The appraisal is typically done after the buyer’s termination period has ended. If you are waiving your appraisal contingency you will not be able to terminate the contract and receive a refund of your earnest money if the home appraises for less than the sales price. If you are waiving this contingency here is an explanation of how that might affect the amount of money you will need for a down payment.

Please let us know if you have any questions before making an offer on any property.

Example

Contract price $400,000

Appraised value $380,000

If the home appraised value was…

1974 Views, 0 Comments

 
Many homeowners will be facing a financial burden due to Coronavirus and if it is affecting your ability to pay your mortgage you may have more options than you think. As of the writing of this message there has not been any uniform relief among all lenders. There are several proposals but none have been agreed to. Information is coming out quickly and things are changing every day. 

#1 Things You Should Do

The most important thing you should do is not bury your head in the sand, don’t run and hide and don’t ignore calls and letters from your mortgage company.

Do You Need To Be Behind On Payments?

Even if you haven’t missed a mortgage payment yet the best thing you can do is pick up the phone or go online to your mortgage…

960 Views, 0 Comments