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Comprehensive Guide to Mortgages, Financing, and Foreclosure Concepts in Real Estate

This guide provides an in-depth overview of essential mortgage concepts, including the roles of mortgagor and mortgagee, the required documentation, and the intricacies of financing regulation under Regulation Z. It outlines the different types of mortgages, such as FHA, VA, and adjustable-rate mortgages, and delves into federal laws affecting real property financing, including the Truth-in-Lending Act. The document also addresses important mortgage clauses, types of charges, transferability issues, and the foreclosure process, ensuring you have a solid understanding of mortgage financing.

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Comprehensive Guide to Mortgages, Financing, and Foreclosure Concepts in Real Estate

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Presentation Transcript

  1. Financing Mortgages, Notes and Foreclosure

  2. Concept • Mortgagor- borrower/debtor • Mortgagee- secured creditor • Writing required • Debt • Mortgage • Note • Filing

  3. Regulation Z - Disclosure • Identity of creditor • Cash price • Annual percentage rate (APR) • Finance charge including any prepaid finance charges • Amount financed and itemization • (Continued on the next slide)

  4. Regulation Z - Disclosure • Total payment amount • Number of payments • Amount per payment • Due date for payments • Late payment charges

  5. Federal Laws Affecting Real Property Financing • Federal Consumer Credit Transaction Act • Truth-in-Lending Act • Home Mortgage Disclosure Act • Fair Housing Act • Community Reinvestment Act • Equal Credit Opportunity Act

  6. Important Clauses • Due on Sale • Late payment • Acceleration • Prepayment penalty • Balloon payment • Default and remedies • Integration-complete agreement

  7. Types of Mortgages • Purchase money mortgages • FHA mortgage • VA mortgage • Conventional mortgage • Second mortgage • Home-equity mortgage • Straight-term mortgage • (Continued on the next slide)

  8. Types of Mortgages • Subordinate mortgage • Wrap-around mortgage • Piggyback mortgage • Anaconda or dragnet mortgage • Adjustable rate mortgage (ARM) • Variable rate mortgage • Reverse mortgage • Shared appreciation mortgage

  9. Types of Charges • Actual costs • Commissions by loan brokers • Late charges • Government loan charges • Construction loan charges • Life insurance premiums • Prepayment penalties • Legal • Other

  10. Mortgage Transferability • Prohibition on assignment? • Assumption - original mortgagor, and transferee personally liable, property subject to foreclosure • Subject to - original mortgagor personally liable, transferee not personally liable, property subject to foreclosure

  11. Discharge of indebtedness • Original mortgage and note marked “cancelled” and returned to mortgagor • Release of mortgage filed

  12. Foreclosure • Default and remedies • Filing the petition • Notifying the required parties • Filing a notice of action (lispendens) • Foreclosure trial or hearing • Order of foreclosure • Sale and right of redemption • Deficiency • Deed in lieu

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