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For example, making payments on the mortgage can evince an intent to assume it, as can paying less than the value of the property (if the difference is the amount outstanding on the mortgage). Absent an assumption of the mortgage by the purchaser, the purchaser buys the property subject to the mortgage, which means the property is still ...
sample-letters-for-creditors-and-mortgage-companies.doc: Software used: Preview: Conversion program: Mac OS X 10.13.6 Quartz PDFContext: Encrypted: no: Page size: 612 x 792 pts (letter) Version of PDF format: 1.3
Sample letter of explanation. While the exact content of your letter depends on your circumstances, you can use this sample letter of explanation to a mortgage lender as a template:
A mortgage gift letter is a document that helps satisfy the requirement that a borrower’s down payment funds come from legitimate sources. The letter involves the giver verifying, in writing ...
A due-on-sale clause is a clause in a loan or promissory note that stipulates that the full balance of the loan may be called due (repaid in full) upon sale or transfer of ownership of the property used to secure the note. The lender has the right, but not the obligation, to call the note due in such a circumstance.
An assumable mortgage allows a buyer to assume the rate, repayment period, current principal balance and other terms of the seller’s existing mortgage rather than get a brand-new loan.
Loan modification is the systematic alteration of mortgage loan agreements that help those having problems making the payments by reducing interest rates, monthly payments or principal balances. Lending institutions could make one or more of these changes to relieve financial pressure on borrowers to prevent the condition of foreclosure.
If your credit report has any negative history, a lender may require a letter of explanation for a mortgage application. Needing a letter of explanation isn't a cause for panic, but it's something ...