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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 ...
Collateral Protection Insurance, or CPI, insures property held as collateral for loans made by lending institutions. CPI, also known as force-placed insurance and lender placed insurance, [1] may be classified as single-interest insurance if it protects the interest of the lender, a single party, or as dual-interest insurance coverage if it protects the interest of both the lender and the ...
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 ...
Title insurance is a form of indemnity insurance, predominantly found in the United States and Canada, that insures against financial loss from defects in title to real property and from the invalidity or unenforceability of mortgage loans. Unlike some land registration systems in countries outside the United States, US states' recorders of ...
Deferred financing cost. Deferred financing costs or debt issuance costs is an accounting concept meaning costs associated with issuing debt (loans and bonds), such as various fees and commissions paid to investment banks, law firms, auditors, regulators, and so on. Since these payments do not generate future benefits, they are treated as a ...
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 ...
Debt collection or cash collection is the process of pursuing payments of money or other agreed-upon value owed to a creditor. The debtors may be individuals or businesses. An organization that specializes in debt collection is known as a collection agency or debt collector. [ 1] Most collection agencies operate as agents of creditors and ...
In fact, the first thing you should look for after paying off your mortgage is a letter mailed to you by your lender, including several key documents related to your loan. Documents that may be ...