A seller’s return mortgage occurs when the seller of a home lends money to the buyer for some portion of the sale price.
The seller retains an interest in the house and continues to own interest equal to the amount of the loan until the seller repays the mortgage in full.
Both types of mortgages can be foreclosed if the borrower defaults on the terms of the loan.
A 5/6 Adjustable Rate Hybrid Mortgage (ARM 5/6 Hybrid) is a fixed rate mortgage for the first five years and then adjusted every six months thereafter.
2/28 adjustable rate mortgages (ARM) offer an initial fixed rate for two years, after which the interest rate is adjusted semi-annually for another 28 years.
An 80-10-10 mortgage consists of two mortgages: the first is a fixed-rate loan of 80% of the value of the home; the second - 10% as a loan secured by equity capital; and the remaining 10% as a down payment in cash.
Illegal possession is a legal process whereby a person who is not the owner of a piece of land acquires title and ownership of that land after a certain period of time.
A movable property loan is secured by a movable item or movable property that is used to purchase the loan. The creditor has the right of ownership of the movable property.
The holiday act literally releases the parties to the transaction from previous obligations, such as payments on the terms of the mortgage, because the loan is repaid.
An FHA 203(k) loan is a government-secured mortgage loan, which is essentially a construction loan that finances both the purchase and renovation of a home.