What to do if...

A short sale is a sale of real estate in which the sale proceeds fall short of the balance owed on the property's loan. It often occurs when a borrower cannot pay the mortgage loan on their property, but the lender decides that selling the property at a moderate loss is better than pressing the current debtor. Both parties consent to the short sale process, because it allows them to avoid foreclosure, which involves hefty fees for the bank and poorer credit report outcomes for the borrower. (...More)

Finance Related Fees

A homeowners' association (HOA) is usually a not-for-profit organization established by a community which governs rules regarding what can and cannot occur in homes, and also determines the rules and money spent on shared property. Many condominium and townhouses available for purchase are part of a homeowners' association. As well, many new developments of single-family homes establish a homeowners' association to hopefully protect the rights of all in the community. ...(More) 

 

 

A standard policy has two main functions:

801. Loan Origination Fee: Also known as points, they are charged by the lender and/or  broker.   An option for the home buyer is to pay points to lower the interest rate...(More)

....First you should understand that a reverse mortgage is a loan where you borrow against the current equity in your primary residence.  With a reverse mortgage you do not make payments on the loan while you reside in the home.  You begin making payments once the home is no longer your primary residence...(More)