Mortgage forbearance is a temporary solution for cash-strapped homeowners who are having trouble making ends meet during challenging or uncertain financial times. What is the meaning of forbearance, though? How does a forbearance plan work on a mortgage? And in which ways does a mortgage forbearance affect your credit score? All are important questions to […]
What Is A Mortgage Reinstatement? Mortgage reinstatement, sometimes called loan reinstatement, is the process of restoring your mortgage after a mortgage default by paying the total amount past due. You will arrive at the point of a mortgage default after missing payments for several months. Once your mortgage is in default, your lender has the […]
Any number of unexpected life circumstances might lead to difficulty meeting financial responsibilities, like making your mortgage payment.Borrowers dealing with mortgage hardship may have multiple options to get their mortgage payments back on track, such as revising the loan terms or coming up with a new payment plan. The first and best approach is to […]
No one ever wants to think about losing their home. Whether you’re seeking a foreclosure definition because you’re dealing with the process yourself, buying a foreclosed home or just looking to be prepared for anything, it’s important to understand what you might be dealing with and how you can protect your home if needed. What […]
What Does Homeowners Insurance Cover? Homeowners insurance is designed to give you peace of mind and protect you from a number of potential threats to your home and property. This insurance typically protects against the following perils: Natural disasters: As part of your dwelling coverage, homeowners insurance covers natural disasters such as windstorms, hail, […]
What Is A Property Tax? Property tax is a tax levied by your local and state governments. It’s based on the value of your property. The tax proceeds are used to cover taxpayer services, like public schooling and fire, police and public safety. Real Estate Taxes Vs. Property Taxes Property taxes and real estate taxes […]
When applying for the mortgage, the paperwork can seem never-ending. One of the pieces that may be relevant in your home closing is a deed of trust. If you’re in the market for a new home, understanding what a deed of trust is and how it works may help you during the home buying process. […]
When you borrow money from a lender to buy a home, you’ll come across legal and financial jargon that may be unfamiliar to you. One such term is “promissory note,” which will definitely come up if you’re using lender money to finance your home purchase. A promissory note is essentially a legal “IOU” that says […]
For any number of reasons, homeowners may struggle with their mortgage payments. Falling behind on payments or missing payments, though, can lead to what’s called mortgage default. Once this happens, your house can go into foreclosure, and you may lose your home altogether. Below, you’ll find everything you need to know about mortgage default, how […]
What Is Home Equity? As mentioned above, home equity is the amount of your home that you actually own. Specifically, equity is the difference between what your home is worth and what you owe your lender. As you make payments on your mortgage, you reduce your principal – the balance of your loan – and […]
