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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 ...
A loan payoff letter: This document will show (down to the penny) what you need to pay off the remainder of your mortgage, plus any owed interest or fees. If you have paid everything off, it will ...
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 ...
Mortgage burning was a twentieth-century custom in the United States of America (U.S.A.) that was the ritual incineration of the promissory note (mortgage) upon satisfaction of the payment schedule by the purchaser (debtor, or mortgagor). This ritual was performed to celebrate the release of the debtor from further payment obligations, and was ...
Commonly, the violation of the mortgage is a default in payment of a promissory note, secured by a lien on the property. When the process is complete, the lender can sell the property and keep the proceeds to pay off its mortgage and any legal costs, and it is typically said that "the lender has foreclosed its mortgage or lien".
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.