7 Tips for a Profitable Home Closing!
Be sure you’re walking away with all the money you’re entitled to from the last of your home.When you’re ready to close on the sale of your home and move to your new home, you may be so close to the finish line that you coast, thinking there’s nothing left for you to do. Not so fast. It’s easy to waste a few dollars here and for mistakes to creep into your closing documents there, all adding up to a bundle of lost profit. Spot money-losing problems with these seven tips.Read more: http://buyandsell.houselogic.com/articles/7-tips-profitable-home-closing/#ixzz2aeVUCQHwfrom the sale of your home. Read
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Second mortgage or home eqietius do show, when recorded and this is the issue. I used to work for a title company for a major lender and issues do arise. Some lenders send the home equity to be recorded themselves, lenders don’t know all the variables that go into a recording, they miscaculate fees, don’t know about cover pages, maybe there’s a dual tax id and it costs more, some states only accept single sided mortgages. Maybe the county rejects the mortgage as the font is too small, the notary stamp bled through the paper, or there is no stamp or seal at all. If it’s rejected, the county sends it back to the lender, who most times thinks the mortgage is recorded until the borrower goes to refinance and the he is not on record so it takes them 6-8 weeks to go to their vault where they hold everything to either figure out the mortgage was not recorded or they don’t have it at all.I don’t know why people like home eqietius, for some it’s a status thing ..I have a 500k home equity ..some need money quick and dont understand the full economic process and think home eqietius are a good deal because the rate is low. Like any other mortgage product, home eqietius have their usefullness, but it’s not for everyone or every situation
Thanks for your comments and for visiting our website. You have touched on a number of interesting points relating to lenders and recording home equity loans.