Owning a home is one of the biggest financial commitments most people will ever make. A mortgage helps make homeownership possible, but it also comes with responsibilities. Understanding how mortgage debt works can help you stay in control of your finances and avoid serious consequences like foreclosure. What Is Mortgage Debt? Mortgage debt is the loan you take out to purchase a home, with the Continue Reading about Understanding Mortgage Debt: What You Need to Know
mortgage note
Safekeeping the Original Mortgage Note
Can you easily locate the original mortgage note? This important legal document should be kept in a safe place, and here is why! The promissory note is a promise to pay or IOU from the property buyer. It spells out the amount due and terms of repayment. In legal jargon it is known as a negotiable instrument. Similar to a check, the original must be presented to collect or prove ownership. If the Continue Reading about Safekeeping the Original Mortgage Note