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While you can discard monthly mortgage statements, it's important to keep all mortgage documents, such as the promissory note, deed of trust and proof of title insurance, for the life of the loan.
Widespread lack of clarity in chain of title results from a 1995 decision by many lenders to rely on a third entity—often, a specific company, Mortgage Electronic Registration Systems (MERS)--to hold title nominally, in an effort to enable the buying and selling of mortgage liabilities without registration of changes of ownership with local ...
Mortgage Electronic Registration Systems, Inc. (MERS) is an American privately held corporation. [1] MERS is a separate and distinct corporation that serves as a nominee on mortgages after the turn of the century and is owned by holding company MERSCORP Holdings, Inc., which owns and operates an electronic registry known as the MERS system, which is designed to track servicing rights and ...
Fannie Mae's charter has historically prevented it from guaranteeing loans with a loan-to-values over 80% without mortgage insurance or a repurchase agreement with the lender; [9] however, in 2006 and 2007 Fannie Mae did purchase subprime and Alt-A loans as investments.
Mortgage expert David Reed invites WalletPop readers to ask him questions about real estate financing. Leave your questions in the comment section of this post. Who cares that you got rid of that ...
If the old mortgage was discarded, the lender would have sent you a 1099-C, often called a cancellation of debt. These tax forms must be included in your tax return, and indicate the second ...
In the case of a deed, the grantor would typically be the property seller, and the grantee the buyer. A mortgage grantor or mortgagor is the borrower of the loan since they are giving away certain property rights to the mortgagee, lender, or mortgage grantee. More recent wording simplifies this language with "Borrower" and "Lender."
A loan payoff letter: This document will show (down to the penny) what you need to pay off the remainder of your mortgage, plus any owed interest or fees. If you have paid everything off, it will ...