Tag: mortgage

Business Law & Regulations, Finance

Ohio Federal Court Holds Mortgage Lender’s Assessment of Post-Acceleration Late Fees Was Authorized by Loan Documents

May 12, 2023

Via: LexBlog

In Schmitt v. Security National Servicing Corporation, the plaintiff filed a class action complaint alleging violations of the Fair Debt Collection Practices Act (FDCPA) and Ohio Residential Mortgage Lending Act (RMLA) premised on the assertion that her loan documents did […]

Business Law & Regulations, Finance

Mortgage Rate Lock Float Down Definition

April 13, 2022

Via: Investopedia

What Is a Mortgage Rate Lock Float Down? The term mortgage rate lock float down refers to a financing option that locks in the interest rate on a mortgage with the option to reduce it if market rates fall during […]

Business Law & Regulations, Finance

Right of Redemption Definition

December 17, 2021

Via: Investopedia

Understanding Right of Redemption When an individual obtains a mortgage to buy a home, the home itself serves as the collateral for the loan. That means that the home owner forfeits ownership of the home if they default on their […]

Business Law & Regulations, Finance

What Is Foreclosure?

September 9, 2020

Via: Investopedia

What Is Foreclosure? Foreclosure is the legal process by which a lender attempts to recover the amount owed on a defaulted loan by taking ownership of and selling the mortgaged property. Typically, default is triggered when a borrower misses a […]

Know Your Rights

What Are Your Legal Rights in a Foreclosure?

June 15, 2020

Via: Investopedia

If you can’t keep up with your mortgage payments, the prospect of foreclosure—and losing your home—can be daunting. Still, foreclosure is a legal process, and you have rights based on state law and the mortgage documents you signed. Knowing your […]