All Posts Tagged With: "note"
Can We Have A Paperless Real Estate Closing?
Given the widespread use of electronic devices for just about everything — and given the growing volume of ecommerce — it’s not unreasonable to ask if we can have paperless closings, events sealed with electronic signatures.
For the moment and most-likely for a long time to come the answer is no. The problem is not one [...]
No Mortgage Note, No Foreclosure
A basic rule of law is that a lender cannot foreclose without physical possession of the note. No note, no foreclosure. To get around this, note-less lenders are telling courts that they want to use a copy or the note and not the original to justify the foreclosure. If the court will accept a copy [...]
3Aug2009 | Peter G. Miller | 0 comments | Continued
Judge To Lenders: Show Me The Note
With mortgage practices under fire on Capitol Hill and across the country, a federal court decision in Cleveland is now proving more important each day: Homeowners can’t be foreclosed unless mortgage owners actually go to court and prove they have the right to call the loan.
At first this may seem unimportant. After all, when a [...]
Savvy Consumers Deflate Balloon Note Options
Balloon notes can be seen as mortgages where money remains owed to the lender at the end of the loan term. For instance, suppose we have a $100,000 loan at 6.5 percent interest. Over 30 years the monthly bill for principal and interest would be $632.07
To make a balloon note we could keep the same [...]
What’s A Balloon Note?
A balloon note merely means that at the end of the loan term, some or all of the original loan amount is due and payable. This sounds harmless until borrowers realize how much may be due.
For example. You have a $50,000 loan at 8 percent interest. You make principal and interest payments on the schedule [...]
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