Oregon sellers must provide buyers with property disclosure statements. This means that if your home is sold in foreclosure and there is a difference between how much your home is worth or sells for and the amount still owed on your mortgage, you are usually not liable for that monetary difference. This means that if you were to fall behind on your mortgage payments and your lender wants to foreclose on your home, they can simply hire a third party to auction the property. Deeds of trust generally have what is called a “power of sale” clause. This is because buyers in the state are typically given a deed of trust instead of a mortgage. Vested owners own the property.One important thing for Oregon homebuyers to note is that the state does not require lenders to get a court order to foreclose on a home. Vesting – This clarifies ownership of the property. VA – A government mortgage backed by the Department of Veterans Affairs (VA). Title insurance – This insurance protects OCCU from financial loss sustained from defects in a title to a property you may hear this referred to as a prelim or preliminary title report. ![]() Refinancing – Paying off your current loan with the proceeds of a new loan. Prelim – A preliminary title report is prepared prior to issuing a policy of title insurance this report shows the ownership of the home along with liens and encumbrances on the property which will not be covered under a subsequent title insurance policy. PITI – All portions of a mortgage payment including Principal, Interest, Taxes and Insurance A first lien has priority over a second lien and therefore gets paid from sale proceeds before a second lien. Lien Position – When a collateral has more than one lien, priority determines the lienholders’ rights after a sale. Lien – A lender’s claim against a piece of collateral that may be legally sold should the borrower fail to repay the loan. Jumbo – A mortgage loan that allows buyers to finance more than the conforming loan limit. Home Equity Loan (HE Loan) – An installment loan with fixed payments and a fixed rate that uses a home as collateral and is sometimes referred to as a second mortgage. Home equity lines of credit (HELOC) – A revolving line of credit (similar to a credit card) that uses a home as collateral and is sometimes referred to as a second mortgage. The lender may require that borrower put money into the account depending on the Loan to Value (LTV), or it can be an option for those who rather have the property tax and insurance payments rolled into their monthly mortgage payment.įHA – A government mortgage backed by the Federal Housing Administration (FHA).įixed rate – A mortgage loan that includes fixed, non-changing interest through the life of the loan. ![]() Can act as the middleman between a seller and a buyer of a home.Įscrow Reserves/Account – An escrow account is a reserve account to hold funds for property taxes and homeowner’s insurance that will be due each year. Escrow services are generally provided by a title insurance company instead of an attorney. EMD – Earnest Money Deposit (copy of cancelled check or wire receipt for earnest money deposit on a purchase).Įscrow (Also referred to as Title Company) – An escrow is a process wherein the Buyer and Seller deposit written instructions, documents and funds with a neutral third party until certain conditions are fulfilled.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |