All Posts Tagged With: "trust"
How To Read The HUD-1
Starting January 1st, 2010, all real estate transactions will be settled using a new HUD-1. The HUD-1 is a standardized form which allows real estate buyers and sellers to clearly understand the costs of their transaction.
The original HUD-1 was developed as a by-product of the Real Estate Settlement and Procedures Act of 1974 — or, [...]
Second Trusts And 125 Percent Loans
Question: Can I get a second trust if I have 125 percent financing?
Answer: No.
The problem here is that all equity is already being used to secure the 125 percent financing. There is no equity available to secure additional debt.
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31Aug2008 | Peter G. Miller | 0 comments | Continued
What Is A “First” Mortgage?
A first trust or mortgage represents what is generally the first claim on a property if it is foreclosed. It must be paid in full before other claims can be considered (except tax liens). A second trust or mortgage can only be repaid after the entire amount of the first debt has been paid off. [...]
28Aug2008 | Peter G. Miller | 0 comments | Continued
Can I make big money buying and selling mortgage notes?
In general, the market for discounted loans has shrunk considerably during the past few years because people have refinanced as rates have fallen. Refinancing has caused many notes to be paid off.
Also with many financing options available at 5 percent down and less, the need for seller take-backs, a major source of investor notes, [...]
What happens to second trusts and mortgages in a foreclosure?
When a property is foreclosed, it is sold to the highest bidder. Usually the lender with a first mortgage or first trust bids enough on the property so that any buyer must at least pay off the first loan.
As to the holder of the second trust or the second mortgage, that individual cannot collect [...]
What are the pros and cons of owner financing?
There are several potential pros and cons for sellers, at least.
You will get a steady monthly income.
You won’t have to worry about the buyer qualifying for financing, or as much financing.
Tax obligations may be stretched out in certain cases — see a tax pro for details.
But, it could also happen [...]
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