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The mortgage or deed of trust is the agreement between you and your mortgage lender to put the home up as collateral for the loan. “In layman’s terms, it gives the lender the right to ...
This is accomplished by adding a mortgagee clause to your homeowners insurance policy. For example, say you buy a house for $500,000 with a $100,000 down payment and a $400,000 mortgage. To ...
Verify the mortgagee clause for your lender. Your new policy should have the correct information; some companies have a specific mailing address for insurance-related documents.
The clauses are found in maritime insurance in relation to insuring mortgaged vessels. When selling land via a land contract, the seller may require the buyer to include a loss payee clause in their insurance policy to protect the seller's ongoing interest in the property until the contract is concluded. [1]
A deed in lieu of foreclosure is a deed instrument in which a mortgagor (i.e. the borrower) conveys all interest in a real property to the mortgagee (i.e. the lender) to satisfy a loan that is in default and avoid foreclosure proceedings. The deed in lieu of foreclosure offers several advantages to both the borrower and the lender.
Mortgage insurance (also known as mortgage guarantee and home-loan insurance) is an insurance policy which compensates lenders or investors in mortgage-backed securities for losses due to the default of a mortgage loan. Mortgage insurance can be either public or private depending upon the insurer.
A single missed insurance bill, failed automatic payment or an outdated mortgagee clause listed on policy documents are all possible reasons for a lapse, but the result is the same and could ...
An acceleration clause is a section of a mortgage contract that can have big consequences: Namely, it can require you to pay off your entire mortgage at once. Even if you miss only one payment.