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Keep your mortgage documents and related home sale records for at least seven years after selling your home. This includes proof of mortgage payoff , the closing statement and receipts for capital ...
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 ...
Form 1098 is used to payments of mortgage interest, mortgage insurance premiums and points in excess of $600. Lenders and businesses that receive these payments are required to record them on Form ...
Subordination is the process by which a creditor is placed in a lower priority for the collection of its debt from its debtor's assets than the priority the creditor previously had, In common parlance, the debt is said to be subordinated but in reality, it is the right of the creditor to collect the debt that has been reduced in priority.
Payment protection insurance ( PPI ), also known as credit insurance, credit protection insurance, or loan repayment insurance, is an insurance product that enables consumers to ensure repayment of credit if the borrower dies, becomes ill, disabled, loses a job, or faces other circumstances that may prevent them from earning income to service ...
Mortgage insurance. Mortgage insurance (also known as mortgage guarantee and home-loan insurance) is an insurance policy which compensates lenders or investors in mortgage-backed securities for losses due to the default of a mortgage loan. Mortgage insurance can be either public or private depending upon the insurer.
How long you should keep mortgage documents after paying off your loan varies according to the type of document and how easy it is to get copies if you need them. Trending Now: 5 Types of Homes ...
For many homeowners, one of the milestones on the path to financial independence is being able to pay off their mortgage. With typical mortgages lasting 30 years, it can take a long time to meet ...