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News about Mortgages:
Bailout plan debates touch on bankruptcy - AZCentral.comThe $700 billion bad-debt bailout bill has spurred congressional debates about adding a provision that would drastically alter the treatment of primary-home mortgages in a bankruptcy case. Currently, cash-strapped homeowners can put together a ...
As borrowers stumble, bankruptcies soar in state - AZCentral.comNationally, bankruptcy filings so far this year have surpassed the full year's tally from 2007. "We've been busier than I ever remember, and I've been doing these since the 1980s," said Joe Volin, a Tempe bankruptcy attorney. "I've never seen ...
Today's Mortgage Terms starting with S
Second Mortgage: An additional mortgage that has rights that are secondary to the first mortgage.
Seller’s Market: Market conditions that are favorable to sellers. There are more buyers than properties available for sale. The buyers may be forced to compete and pay more for the same property.
Settlement Costs: Money paid by the borrowers and sellers to complete the closing of a mortgage.
Settlement Cost (HUD Guide): HUD publishes a booklet that gives an overview of the lending process and is given to consumers after completing their loan application.
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