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Repossession does not necessarily satisfy the loan. If the repossessor sells the asset for an appropriate amount, and if that amount is less than the amount of the loan, and if the repossessor sues the debtor for the balance (plus reasonable fees if applicable) in a timely manner, the debtor may be liable to pay the balance (sometimes called ...
Credit score is the most important factor in determining mortgage approval, but your income and debt levels, as well as the size of the loan vs. the home’s value, are also major factors.
However, because a mortgage application usually involves a credit check, which can lower your score, it might be a good idea to wait a bit so that it has time to smooth out. A co-signer might also ...
With many mortgage lenders, you can apply for a mortgage online and complete the process in 45 minutes or less — if you have all of your information ready beforehand. That’s a big if, of course.
Foreclosure of chattel mortgages (mortgage of movable property) are governed by Sec. 14 of Act No. 1506, which gives the mortgagee the right to sell the chattel at a public sale. It has also been held that as regards chattel mortgages, the law does not prohibit that the foreclosure sale be done privately if it is agreed upon by the parties. [49]
Collateral Protection Insurance, or CPI, insures property held as collateral for loans made by lending institutions. CPI, also known as force-placed insurance and lender placed insurance, [1] may be classified as single-interest insurance if it protects the interest of the lender, a single party, or as dual-interest insurance coverage if it protects the interest of both the lender and the ...
A mortgage involves a contract between a borrower and a mortgage lender in which the lender agrees to provide money upfront while the borrower agrees to repay the debt over time and with interest ...
A secured transaction is a loan or a credit transaction in which the lender acquires a security interest in collateral owned by the borrower and is entitled to foreclose on or repossess the collateral in the event of the borrower's default. The terms of the relationship are governed by a contract, or security agreement. [1]