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  • Benino Hegelund posted an update 2 months ago

    This is also referred to as a Buy To Leave mortgage extension and it is usually required by lenders.House Claims is issued when there is a discrepancy between the advertised price of the property and the true value of the property. They are not uncommon with properties in the West End. It will take a loan officer about two weeks to process the claim, and that is if the lender accepts the claim.The claim process works like this: You contact the lender and inform them that you want an extension on your existing mortgage to cover the difference between the sale price of the property and the value of the property. If the lender agrees to extend your existing mortgage, you then send them all of the relevant documents that support your claim.They will also review your application and decide whether or not they should approve your claim. If they agree, you will get an extension on your existing mortgage to cover the difference between the sale price of the property and the value of the property.The good news is that once you obtain the extension on your existing mortgage you will not be required to repay any money from your home. The drawback is that the house claim is recorded on your credit history as a loan extended without sufficient documentation. You cannot take out a new mortgage and it will show up on your credit report as if you did have to pay a penalty to the lender.Your home may still be in danger of repossession while the official process is ongoing and so you need to put your home as an additional priority. You should consider repossessing your home until the House Claim has been settled.If you decide to auction your home or take it to a buyer at settlement dates you will probably lose a percentage of your home. Selling your home with a House Claim, on the other hand, will probably net you a higher price than if you sold it at auction.There are many good reasons to borrow money against your home. The main reason that most people choose to borrow against their homes is that they do not have much equity in their home.A number of Philly best public adjuster lenders have arrangements that allow a homeowner to borrow against their home without having equity. The reason they provide this option is to encourage people to purchase their first home without having equity.Since your purchase agreement is recorded on your credit history, it will show up on your report even if you sell your home after having received your House Claim. This means that your credit report may be considered “blemished” by lenders and that is very bad for you.The process of receiving your House Claim is quite simple and you can request an extension on your existing loan at any time you want. In fact you can also do it any time you wish, even though it might look like you are late.The payment schedule will be set out to you when you make your decision to obtain the extension on your existing loan. You can also ask for the modification of your existing loan to a fixed rate if you are not happy with the current adjustable rate.

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