Search results
Results from the WOW.Com Content Network
In the United States, a mortgage note (also known as a real estate lien note, borrower's note) is a promissory note secured by a specified mortgage loan. Mortgage notes are a written promise to repay a specified sum of money plus interest at a specified rate and length of time to fulfill the promise.
A mortgage note is one of many closing documents a borrower signs when closing on a home loan. In simplest terms, it represents the mortgage for a given borrower. In technical terms, a mortgage ...
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]
[20] [21] Since the 2010 crisis, 62 million mortgages are held in the name of MERS, [22] and MERS has initiated thousands of foreclosures in the United States, claiming to be the mortgagee of record. Lawyers have contended in court that MERS has no legal right to initiate a foreclosure, because MERS does not own the loans in question.
The types of foreclosures that can occur depend on your home state and mortgage terms. Some foreclosures involve legal action (judicial foreclosures), and others do not (non-judicial foreclosures ...
Non-qualified mortgage (0 years) – With a non-qualified mortgage (non-QM), or a loan that doesn’t meet government standards, you could possibly get another loan right after your foreclosure ...
The Government Accountability Office (GAO) defines an abandoned foreclosure as a mortgage that: has entered foreclosure, the servicer decides to not continue pursuing its interest in a mortgage loan (has stopped the foreclosure proceedings), the servicer has charged off the loan (considers it worthless), and; the home is vacant.
Testimony in a New Jersey foreclosure case decided last week may spell big trouble for Bank of America (BAC). If what one bank employee said on the stand proves to be accurate, paperwork problems ...