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Contact your servicer promptly if a disaster affects your home or ability to pay, and contact your insurer about coverage and claims. Assistance may be available, but it is not automatic or the sam...
Read the articleConfirm the loan payoff and lien release process, then take responsibility for any taxes and insurance previously handled through escrow. Keep the home insured and track bill dates. A paid off mort...
Read the articleContact your mortgage servicer as soon as you expect trouble, even before a payment is missed. Ask about available assistance and the information needed for review. A HUD approved housing counselor...
Read the articleGather the statement, payment confirmation and dates, then contact the servicer about the specific error. If needed, use its designated written notice of error process. Keep copies and track respon...
Read the articleStart with the mortgage servicer shown on your current statement for payment posting, escrow and account questions. Your original lender and current servicer may be different companies. Eric can he...
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The statement balance usually shows principal at a particular point in time. A payoff quote calculates the amount needed to satisfy the loan through a specified date and may include accrued interes...
Read the articleIt depends on how the payment is set up. A servicer’s automatic draft may follow the current amount due, while a fixed bank bill payment may continue sending the old amount. Verify the settings and...
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A recast on an eligible loan recalculates the payment after a principal reduction while generally keeping the existing rate and remaining term. Refinancing replaces the loan with new terms and cost...
Read the articleA bridge loan and a home equity line of credit (HELOC) can both involve borrowing against a home, but their terms and intended use differ. Compare the actual offers by cash available, fees, require...
Read the articleBuying a house before selling your current home may be possible, but solve three questions first: where the purchase cash comes from, whether the financing works while you own both homes and how lo...
Read the articleSome loans may be assumable with required approval, while others are not. The buyer’s eligibility, the cash needed above the assumed balance and your release from liability all matter. Ask the serv...
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