Mortgage

What Is A Deficiency Judgment?

What Is A Deficiency Judgment?

When borrowers obtain a mortgage loan, they sign a Note, promising to repay the loan, and a Mortgage, that provides for the property to be sold at a public auction if they default, so the loan may be repaid from the proceeds of the sale. Sometimes, however, the property is sold at the auction for less than the balance due to the lender, resulting in a deficiency.

Loss Mitigation Prohibitions - It Ain’t Just Loan Mods

Loss Mitigation Prohibitions - It Ain’t Just Loan Mods

Many loan servicers are under the misimpression that the prohibition against dual tracking only applies to loan modifications. This is incorrect; it also applies to forbearance agreements, deeds in lieu of foreclosures and short sales.

Lender’s Title Insurance: It's No Guarantee

Lender’s Title Insurance: It's No Guarantee

Title insurance is an indemnification contract, like many other types of insurance. Just as a life insurance policy does not ensure you will live forever, a title insurance policy does not guarantee that your title is valid, but merely provides the insured with compensation to offset the loss sustained as a result of title not being as insured.