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A mortgage transfer is when another person or an entity takes over your existing mortgage. Most mortgages are not transferable, but lenders may approve a transfer in a few situations.
An Estoppel Certificate (or Estoppel Letter) is a document commonly used in due diligence in real estate and mortgage activities. It is based on estoppel, the legal principle that prevents or estops someone from claiming a change in the agreement later on. [1] It is used in a variety of countries for commercial and residential transactions.
It can declare the entire payable debt to the lender if the borrower(s) were to transfer the title at a future date to a purchaser. The clause in the mortgage also instructs that a notice of acceleration must be served to the obligated mortgagor(s) who signed the Note. Each mortgage gives a time period for the debtor(s) to cure their loan.
A mortgage can be transferred from one lender to another, from one servicing company to another and from one borrower to another. It is even possible for a borrower to transfer an existing ...
A mortgage gift letter is a document that helps satisfy the requirement that a borrower’s down payment funds come from legitimate sources. The letter involves the giver verifying, in writing ...
A POF is commonly used when commencing a commercial transactions between parties who do not know each other. The purchaser's bank produces evidence in a standard format that their client is good for a transaction up to the value of xx, based on yy item etc. Usually, such letters have to be produced/verified/confirmed by a class A international bank, as local banks may not have the status ...
A due-on-sale clause is a clause in a loan or promissory note that stipulates that the full balance of the loan may be called due (repaid in full) upon sale or transfer of ownership of the property used to secure the note. The lender has the right, but not the obligation, to call the note due in such a circumstance.
A mortgage lender might ask you to write a letter of explanation to better understand your finances when deciding whether to approve you for a loan. While your lender’s underwriting department ...