What is a HUD 1 Closing Statement?
A form used at closing that gives an account of the funds received and paid at closing, including the escrow deposits for taxes, hazard insurance, and mortgage insurance. What is a Deed? The legal document conveying title to a real property. What is a Deed of Trust? A deed of trust is an instrument used in many states in place of a mortgage. Property is transferred to a trustee by the borrower (trustor), in favor of the lender (beneficiary) and re-conveyed upon payment in full. What is Depreciation? A loss of value in a real property brought about by age, physical deterioration, functional or economic obsolescence. What is Loss Mitigation? Loss Mitigation is a process to avoid foreclosure; the lender tries to help a borrower who has been unable to make loan payments and is in danger of defaulting on his or her loan. What is a Loan Modification? A mortgage modification is a loss mitigation option that allows a borrower to refinance and/or extend the term of the mortgage loan and reduce
Related Questions
- Some sellers, like HUD, won’t pay me directly at closing. How do I get paid my commissions if the check is made out to Zing Realty?
- What is the penalty that HUD may take if an approved mortgagee does not have post closing loan file reviews done?
- Is this correct,since HUD pays up to 5% of the closing cost?
