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Nevertheless, in an illiquid real estate market or if real estate prices drop, the property being foreclosed could be sold for less than the remaining balance on the primary mortgage loan, and there may be no insurance to cover the loss. In this case, the court overseeing the foreclosure process may enter a deficiency judgment against the ...
How long after a short sale you must wait to buy a house depends on the loan type. There are minimum waiting periods before seeking a new mortgage or refinancing after a short sale.
A mortgage loan is a secured loan in which the collateral is property, such as a home.; A nonrecourse loan is a secured loan where the collateral is the only security or claim the creditor has against the borrower, and the creditor has no further recourse against the borrower for any deficiency remaining after foreclosure against the property.
In order to be considered a deed in lieu of foreclosure, the indebtedness must be secured by the real estate being transferred. Both sides must enter into the transaction voluntarily and in good faith. The settlement agreement must have total consideration that is at least equal to the fair market value of the property being conveyed. Sometimes ...
A credit repository is a library full of. Mortgage expert David Reed invites Walletpop readers to ask him questions about real estate financing. leave your questions in the comment section of this ...
The bottom line. Taking charge of your credit is not just about numbers — it’s about taking control of your financial future. Whether you’re aiming to secure a loan, rent an apartment or ...
Credit repair is a $6.5 billion industry that's rife with fraud and scams. While credit repair companies often claim they can "erase" bad credit or boost your scores, claims like these are usually ...
Real estate owned, or REO, is a term used in the United States to describe a class of property owned by a lender—typically a bank, government agency, or government loan insurer—after an unsuccessful sale at a foreclosure auction. [1]
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