Introduction to Mortgage Loans
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Thank you :)
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Im a Mortgage Banker not a broker. Im a direct lender with a FSB (Federal Savings Bank) call me and I will give you a free consultation of what your new numbers will be if you have a current mortgage. New purchases only need 3.5% down through FHA. 917-620-8805 Vito.
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This is is what i'm looking for.
Thanks
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good music
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Khan's kind of mischaracterized the nature of the bank's security interest.
In a Torrens system, the title to the house is registered in the name of the borrower. That is, the bank buys the house for you and has title placed in your name.
What the bank retains is a right to kick you out and sell the house if the debt isn't paid according to the contract.
This isn't the same as saying that the bank "owns" the house.
The borrower owns the house--subject to the bank's mortgage interest.
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The significant thing about student loans, though, is that they are for the most part not extinguished upon discharge from bankruptcy. That means that, unlike other debts, it continues to exist after a debtor's gone all the way through a bankruptcy.
Since the main reason a creditor takes security is to avoid having to share in a bankruptcy distribution, the fact that the debt's not extinguished at the end means student loan debt is almost as good to the lender as secured debt.
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A student loan could, in theory, be secured, but generally speaking they are not.
If the bank wanted to secure the loan, they could take a security interest in any property (including after-acquired property) they wanted. That'd just be something for the debtor and lender to agree to amongst themselves.
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You said "Hey, I made a 2000 dollar payment and my equity only went up $410,000."
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You can also drop to a lower bracket as a result of the deduction, so it can be more that you save, right?
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@bernicedan Technically, it's your knowledge. That's why you can't erase student loan debt with a bankruptcy, since they can't repossess your brain.
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cristoretornebiblia 1 year ago 7
wonderful
stephane19771 1 year ago 2