Category: Mortgages

It is important to understand certain provisions of your mortgage to protect yourself. Obvious provisions to review are the interest rate, term, and payment dates, but there are other provisions that you should pay special attention to: Prepayment penalty – A prepayment penalty means that if you pay off the mortgage early, there will be…

If foreclosure is filed against a property in Florida, then the borrower has a right of redemption, which provides borrower an opportunity to pay off the lender before the clerk of court files a certificate of sale or the time specified in the foreclosure judgment, order, or decree. See Florida Statute 45.0315. If the lender…

Once you finish paying off your mortgage, that does not mean you are totally free from the mortgage. The final step is receiving a notice from your lender that the mortgage has been paid in full and a Satisfaction of Mortgage has been recorded. Your lender has an obligation to record a Satisfaction of Mortgage…

You may want to change the terms of your mortgage because you cannot afford your mortgage payments or some other reason. A mortgage modification, also known as a debt rescheduling, can enable you to change the terms of your mortgage. Examples of terms that can be changed with a mortgage modification include: • Payments –…

A refinance is when you pay off your existing mortgage with a new mortgage. Refinancing enables you to change the terms of your mortgage. Some examples of the ways your new mortgage can change the terms of your mortgage include: • Lower interest rate – Refinancing is the most common strategy for someone who wants…