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The Home Ownership and Equity Protection Act (HOEPA) is a federal law that aims to protect consumers from predatory mortgage lending. HOEPA mainly covers high-cost mortgages, which are defined as ...
A mortgage loan has two parts: The promissory note.This is the financing instrument that acts as evidence of the debt. It’s a written promise or agreement to repay the debt in installments with ...
This was the mortgage by conveyance (aka mortgage in fee) or, when written, the mortgage by charter and reconveyance [8] and took the form of a feoffment, bargain and sale, or lease and release. Since the lender did not necessarily enter into possession, had rights of action, and covenanted a right of reversion on the borrower, the mortgage was ...
When you pay off your mortgage, your lender will provide you with paperwork to show you have paid off your home loan in full. You must collect all the necessary paperwork, and in some cases ...
Prepayment of loan. Prepayment is the early repayment of a loan by a borrower, in part (commonly known as a curtailment) or in full, often as a result of optional refinancing to take advantage of lower interest rates. [ 1]
In finance, a security interest is a legal right granted by a debtor to a creditor over the debtor's property (usually referred to as the collateral [ 1]) which enables the creditor to have recourse to the property if the debtor defaults in making payment or otherwise performing the secured obligations. [ 2] One of the most common examples of a ...
A mortgage statement is a document containing the latest details about your loan, including your monthly payment. The law requires your mortgage lender or servicer to send you statements for each ...
In a ship mortgage ( common law) or ship hypothec ( civil law term, covering also a maritime lien ), a shipowner gives a lender (or mortgagee) a security interest in a ship as collateral for a mortgage loan. Similar to other types of mortgages, a ship mortgage legally consists of three parts: the mortgage loan, the mortgage document (deed) and ...