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...A mortgage is the transfer of an interest in property (or the equivalent in law - a charge) to a lender as a security for a debt - usually a loan of money. While a mortgage in itself is not a debt, it is the lender's security for a debt. It is a transfer of an interest in land (or the equivalent) from the owner to the mortgage lender, on the condition that this interest will be returned to the owner when the terms of the mortgage have been satisfied or performed. In other words, the mortgage is a security for the loan that the lender makes to the borrower. Read full entry
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mortgages ???
what do i need to know about
mortgages?
who is the best bank to go
with for one?
how old do you have to be to
get one?
whats the longest you can take
pay one back?
and any thing else you think
will help me.
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You have to be 18 to get one. Everything else is negotiable. Stop by the lending office of your personal bank to discuss it with them. |
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What happens to mortgages if I hear that if a bank goes
under other banks will buy
these mortgages. But with so
many mortgages exceeding
values of homes, many banks
might not want to buy the
mortgages. What would happen
if a bank goes under, and no
one wants to buy their crappy
mortgages?
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It would not happen. Some other lender would purchase the mortgages, simply because there is value there. No bank has ALL crappy mortgages. Another lender(s) will analyze the quality of the 'paper' and make a decision what the entire package is worth, and would purchase same, perhaps for less than the actual outstanding amount. |
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If Countrywide goes bankrupt, I know that its debts and
assets will be sold to other
banks. The question is when?
Will the sale of its mortgages
have to wait until the
bankruptcy proceedings are
over and it is decided what
goes to what bank?
If so, what would happen with
delinquent mortgages during
this time which is sometimes
more than a year ?
Another example would be New
Century Financial which has
already started bankruptcy
last year in April. What
happened with some of their
mortgages that became
delinquent while the
bankruptcy was going on?
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just because a company goes in to BK doesn't mean they stop doing business. The company will continue to operate (for you) as if nothing has happen. |
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