For some people, bankruptcy can provide a fresh start, a way out of a bad financial situation that has no other solutions. Bankruptcy can be a complicated process, though, since there are so many factors at play. One of the most common questions that’s asked by people who are considering bankruptcy is whether they have […]
Despite regulatory measures meant to prevent it, predatory lending is a major problem in the U.S. today. People are sometimes desperate to purchase a home or are uneducated on specific details of mortgages, and some lenders seek to take advantage of that. Predatory lending refers to any unfair, deceptive or abusive loan terms that predatory […]
Estoppel is a long-standing legal principle that prevents someone from being wronged unjustly by the actions or words of someone else. Found in many common law legal systems throughout the world — including in the United States, Canada and the UK — it essentially prevents someone from contradicting something that they did or said in the past. […]
Active-duty service members and their families receive legal and financial protections of a federal law called the Servicemembers Civil Relief Act, or SCRA. Any person who is serving in active duty, which includes the reserves and National Guard, can enjoy the many important benefits that the law provides. While very beneficial, the SCRA can also […]
When multiple mortgages are bundled together into one big pool, it’s referred to as mortgage securitization. This process is done so that the mortgage loans can be sold to investors who can benefit from the interests that are paid on the loans. It’s been around for more than 50 years now, but rose in popularity […]
When homeowners stop meeting their repayment obligations, mortgage lenders can initiate the process of foreclosure to recoup the losses that they’ve incurred. At the end of this process, the home is typically sold at a sheriff’s sale auction, with the proceeds going to the lender. Sometimes, the amount that the home is sold for is […]
If a homeowner is having trouble meeting their mortgage obligations, they have the option in many cases to work out an arrangement with the lender. Such a modification could result in the lender agreeing to change the terms of the loan to provide financial relief to the borrower, allowing them to avoid foreclosure. In many […]
Equitable subrogation is a common legal practice that’s carried out in the real estate and insurance sectors a lot. The legal doctrine allows one party to replace another party, asserting the remedies and rights of that other party in the process. In real estate, equitable subrogation is often put into practice when a borrower refinances […]
If you have a mortgage, you may not be aware that there is something known as the Mortgage Electronic Registration System, or MERS, that tracks its registry as well as any other mortgages that originated in America. The confidential database is used by companies throughout the real estate financial industry for trading and recording residential […]
When the financial crisis hit in 2008, thousands of homeowners across the country suddenly found themselves in a precarious position. The homes they owned all of sudden were worth less than how much they owed on their mortgage. Combined with mass layoffs that occurred at companies all over, many of these underwater homeowners couldn’t afford […]
