Category: Mortgage
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Nevada Clarifies Mortgage Law, But What About Deed of Trust Lender Entry Provisions?
In May 2019, effective October 1, 2019, Nevada passed Senate Bill 382 amending the law pertaining to deeds of trust, foreclosure sales, and homeowners’ associations. Among other things, this is a change to Nevada Revised Statute § 40.050, whose language states that a mortgage of real property is not deemed a conveyance. If a mortgage does not constitute a conveyance, the mortgage lender may take…
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You’ve Paid Off the Mortgage. What Happens Now?
Congratulations! Paying off a mortgage is an impressive milestone. Now that you have paid off all the debt on your property, your home state’s law will direct your lender to take certain actions. The lender will send you a certificate of satisfaction. This certificate, which the lender records in your home county, notifies the public that you have satisfied your obligation, and…
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Mortgages, Security Instruments, and Promissory Notes in Alabama
The short definition of a mortgage is that it’s a loan used to purchase real property. In Alabama, the mortgage is comprised of two parts: the security instrument and the promissory note. A security instrument is a specific type of document that provides security for the lender and contains terms (agreements) that apply until the…
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Giving Up Ownership of Real Estate When You’re Still on the Mortgage
It’s every homeowner’s nightmare scenario: you get a phone call from a mortgage company, telling you your home is in foreclosure and that you must pay now or face an avalanche of debt and legal actions. But you signed the house over to someone else months or even years ago! How does something like this…