BluefoxToday blog : Mortgage foreclosure law variations

Mortgage foreclosure law variations

It pays to know what type of a mortgage you have. What comes to mind first is the kind of home loan program you opted for. Whether it's a fixed rate product or an ARM of some sort, look up the details. If you happen to have an ARM, it's good to be aware of when it resets, like does it do it annually, every three years or when. Learn the index that's being used, and the margin.

Now that foreclosures are rising across the land, it's equally important to know what kind of a financial instrument secures the loan to the property. Is it a conventional mortgage or a deed of trust? They fulfill the same role in real estate purchases, but are quite different from the legal point of view.

To read the entire article, please click here.

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Provided by: 

Esko Kiuru
Mortgage, real estate and apartment industry analyst 

www.BluefoxToday.com - syndicated mortgage, housing and property management blog

eskokiuru@gmail.com
My cell: 702-499-1006

Comment balloon 9 commentsEsko Kiuru • July 23 2007 08:36PM

Comments

Esko,

Good advise, you should always know what is going on with your mortgage.

Posted by Christopher Pike, 803.727.7800 (Keller Williams® Realty) almost 11 years ago
its surprising how many people don't have a clue about this.  I had a listing that the client had no idea about the prepayment penalty or the adjustable mortgage.  WOW!  kinda important.
Posted by Eric Olson (Sky Realty) almost 11 years ago

Esko,

Awesome advise, you always write very good information for people and realtors, keep the good work !

:)
Ray Saenz

Posted by Ray Saenz, Homes for Sale in Laredo, TX - Texas, Realtor (Exit Realty Laredo) almost 11 years ago

Christopher,

Surprisingly many people don't even know the basics of their mortgage.

Eric,

Prepayment penalty can hurt an unaware seller's net proceeds in a big way.

Ray,

Good to hear from you. Someone on the brink of foreclosure should know this and take it into consideration.

Posted by Esko Kiuru almost 11 years ago

Esko,

I try to be on your blogs, but very difficult with everything !!!! Keep the good blog !!!!!!

Ray Saenz

Posted by Ray Saenz, Homes for Sale in Laredo, TX - Texas, Realtor (Exit Realty Laredo) almost 11 years ago

Ray,

It's hard to be everywhere all at once, but thanks for visiting.

Posted by Esko Kiuru almost 11 years ago

Esko,  I did a second part about the meme stuff :) I would like that you check it and you join to our meme teams :)

Ray Saenz

 

Posted by Ray Saenz, Homes for Sale in Laredo, TX - Texas, Realtor (Exit Realty Laredo) almost 11 years ago

Ray,

some very good advise.  knowledge is definately power.  hopefully homeowners and realtors alike read this type of material.

Posted by Nathan Fransen (Fransen and Molinaro) almost 10 years ago

Nathan,

Every homeowner should understand at least the basics of a mortgage.

Posted by Esko Kiuru almost 10 years ago

Participate