A homeowners association is a legal entity that takes care of and represents the rights of land of homeowners within a specific community. The objective of a homeowners association is to keep and, possibly, increase property values within the area. The association accomplishes its goals by caring for community land and enforcing constraints on land […]
The nation’s foreclosure crisis has attracted several foreclosure-prevention choices to life. Lenders, frequently in conjunction with the national government, may work out some form of loan assistance, which range from payment deferral to a mortgage refinance or alteration, to keep borrowers in their dwelling. For families that don’t qualify for a number of those above-mentioned […]
Contractors use blueprints to guide the building procedure. Blueprints show that the floor plan, the location of electrical and plumbing fittings, and the materials for use. By law, contractors are required to include a copy of the blueprints when they submit an application for a building permit with the civil construction department, which preserves a […]
The Federal Housing Authority (FHA) always needs mortgage insurance on their mortgage loans. Its official title is Mortgage Insurance Premium (MIP) and is charged to the borrower at closing in two parts. Although it can be paid in money one is generally funded with the loan. Because it’s paid in full at the closing, it […]
Hearing the company that holds your mortgage has collapsed may trigger both fear and hope. If you are expecting that it means you won’t need to pay your mortgage, then you are out of luck. You’re still on the hook for the money. But if you are scared it means you’ll need to pay off […]
Being upside down to a mortgage can be an embarrassing situation for any homeowner. Owing more on a home than it’s presently worth may limit a borrower’s choices to remedy the situation, so some owners may feel trapped in a bad situation. Homeowners need to evaluate whether they are able to afford to stay in […]
A mortgage is a loan for the purpose of buying a house. It’s a”secured loan,” meaning that you have to put up security in exchange for your loan. The security is your house itself. You repay the mortgage in monthly obligations. If you do not pay, the creditor can foreclose–which is, take the house and […]