Mortgage debt elimination, this is the word that rings a bell in many of the home owners out there. Ever imagined paying off your mortgage in one go when you strike a first prize lottery or the day you inherited a lump sum of cash from a deceased old woman down the street whom you always say good morning to? Reality says this is not going to happen nor is there any magical formula that will pay off your mortgage the next day.
Well, if you?re still reading after the first paragraph, there are actually ways that would make you better off by lightening your mortgage debt.
First off, one of the most commonly adopted methods is to increase your monthly mortgage repayment. By increasing your monthly repayment rates, you are effectively shortening the duration of your repayment period. I?m sure most of the homeowners out there would realize that by the end of their repayment period, they would have paid off more than the value of the house itself. This addition of payments would namely be known as interest rates. By shortening your repayment period, you are effectively decreasing the amount of interest rates you pay. A quick illustration says that if you pay an extra $100 per month for a $120,000 (30 years @ 9%) mortgage, you would be looking for a saving of approximately $80,000 after the end of your repayment.
It should be noted that there are shortcomings in increasing your mortgage repayment rates. For example, the extra $100 per month could have been invested elsewhere that would potentially generate more than $80,000 under the same period of time. However imagine this; if you are someone constantly being tempted to stick your hand into the piggy bank, increasing your repayment rates would be a wiser option as there is a good chance of you blowing away your investment/savings before the compounding of interest rate takes effect.
Secondly, this seems like a rather old suggestion but if you cannot afford more than 20% down payment, you should rethink the value of your house. The reason is because for a less than 20% down, you will be required to pay for additional insurance which is known as mortgage insurance. Unlike a life insurance, the mortgage insurance is there to protect the better interest of the bank (ssshh, let?s not say you hear that from me) because it covers only the mortgage. Life insurance basically covers you because in case unpredicted fate takes place in your life, the compensation would be able to cover your mortgage and your life whereas mortgage insurance basically covers only, errr the mortgage.
Last but not least, consider this when you are taking your mortgage. If you are a wise money saver (or we call them penny pincher in some cases) and if this is within your means, take a shorter repayment period. In the short term, it may seem you are paying more compared to other homeowners. However consider this, your mortgage is spread across for 15 years as compare to 30 years and effectively, although you are paying an extra say $100 per month, the savings from interest rate paid for a 30 years mortgage will not even come close to what you have saved from a 15 year mortgage. Additionally, the plus is you get a peace of mind and security knowing you have paid off your mortgage earlier.
Think about this, buying a house is one of life?s biggest purchase. If you think you are not ready, take a little time off for reconsideration as the decision you make today would affect you for years to come. Rejestracja spolek ltd w UK
HSBC Bank v. Valentin, Ruiz, et. al. 859 N.Y. S. 2d 895 Decided on 08 November 2008
This case is a renewed application for an order of reference? for a specified property located in Brooklyn, New York. Originally, this application was already denied by the Court in its Order dated 30 January 2008 but with permission to renew upon compliance with the recitals therein.
The factual backdrop is as follows: Defendants Valentin and Ruiz borrowed $340,000 from Delta Funding Corporation, both mortgage and the note was duly recorded in the Office of the City Register, N.Y. in 2005. Delta's nominee, Mortgage Electronic Registration Systems, Inc. (MERS) assigned and recorded the mortgage and note to Plaintiff HSBC in 2007.
Plaintiff submitted as documentary evidence an affidavit of J. Dybas alleging therein that she is the Foreclosure Facilitator of OCWEN LOAN SERVICING, LLC. It was further claimed that OCWEN is the servicing agent and attorney in fact of the holder of the note and mortgage. Dybas, not being an officer of OCWEN is not the party referred within the ambit of the "affidavit made by the party" under Civil Practice and Law Rules (CPLR) ? 3215(f).
An affidavit of Scott Anderson as Vice President of MERS admitting assignment of the note and mortgage was also submitted. However, the Court observed in another case it heard that Anderson in an affidavit represented himself as Vice President of OCWEN and with the exact office address. This case involved the very same parties, HSBC, MERS, and OCWEN. Yet in another case of foreclosure involving Deutsche Bank and Goldman Sachs, the same address for Goldman Sachs and the assignee appeared in the assignment. Thus leading the Court to believe that there appeared to be a likelihood of fraud or malfeasance on the part of HSBC.
The Court denied the application but granted Plaintiff, leave of court to renew the application within forty five (45) days by submission of the following documents:
a) An affidavit of facts by either an officer of HSBC or someone with a valid power of attorney from HSBC, possessing personal knowledge of the facts as required by the (CPLR) ? 3215(f).
b) An affidavit from Scott Anderson, describing his employment history for the past three years;
c) An affidavit from the officer of HSBC explaining the reason HSBC would purchase a nonperforming loan from Delta Funding.
In compliance with the aforesaid Order, the renewed application for an order of reference was filed. Anderson of OCWEN submitted an affidavit alleging that OCWEN was in fact granted the limited power of attorney to execute affidavit of merits in connection with foreclosures in Renaissance Home Equity Loan Trust; albeit a copy of the power of attorney was attached to it and submitted to the Court, counsel for the plaintiff failed to certify the same.
And more importantly on the issue as to the reason why a nonperforming loan was purchased by HSBC, Anderson explained that the loan was transferred in 2005 from Delta to HSBC as Trustee when it was performing, with MERS as nominee in title.
The Court ruled that Anderson was lying because it was on the basis of the assignment of the loan by Anderson from MERS to HSBC that recordation was made before the Office of the City Register, N.Y. in 2005 as well as its transfer of title by him as Vice President of MERS to HSBC at the OCWEN office in 2007, in his capacity as servicer. Clearly, Anderson acted both as assignor and as servicing agent.
? An application for an order of reference is a preliminary step in obtaining a default judgment of foreclosure and sale (Home Sav. Of Am., F.A. v Gkanios, 230 AD2d 770 [2d Dept 1996]). In an order of reference, it allows the Court to appoint a referee to compute the amount due to the plaintiff when the defendant fails to appear or when he admits of the arrears in mortgage payments. See Real Property Actions and Proceedings Law (RPAPL) ? 1321
Many people are not aware of the insurance that many credit card companies provide their credit card holders; it is called purchase protection insurance. Many of the major credit cards offer this type of insurance for free, others may require an additional fee in order to receive this purchase protection coverage. The terms and conditions that relate to this type of coverage vary from Credit Card Company to Credit Card Company.
Typically how purchase protection works is this, when you purchase any an item using your credit card from any store, the credit card company provides coverage against the items against theft, loss of the item, and accident damage. This coverage usually last a pre-determined amount of time, generally about ninety days from the date you purchase the item. It is important to read all terms and conditions that apply to your specific credit card, because there may be specific actions required by you, as well as specific limitations.
Many of these purchase protection policies dictate that the purchased item is required to be worth a specific amount of dollars, to be eligible for the protection. If an item you have purchased becomes damaged, lost, or stolen and it is determined eligible for purchase protection, you must contact the credit card company. Your credit company that provides the protection, will then reimburse you for the price you paid on the item, this will be the price listed on your statement or receipt issued from the store.
You should also look carefully at this protection plan, because your company may only claim liability up to a certain amount for each item. Additionally, limitations may be stated in regards to the amount of damaged it will cover. Usually, if the item is damaged upon receipt it will be covered.
Again, in order to take full advantage of the purchase protection plan on any credit card, you should take extra special care to read the agreement and the terms set, forth that regards purchase protection. If you should have any questions about if a specific item is covered, then you should phone the credit card company, and speak to their customer service area to get answers to your questions. They should be available and absolutely willing to answer all of your questions regarding this manner, if the person you speak with does not provide clear and precise answers, you should ask to speak to someone else. Spółki offshore
