The United States Department of Housing and Urban Development (HUD) is a Cabinet department in the executive branch of the U.S. federal government. Although its beginnings were in the House and Home Financing Agency, it was founded as a Cabinet department in 1965, as part of the "Great Society" program of President Lyndon B. Johnson, to develop and execute policies on housing and metropolises.
A mortgage is a legal instrument which is used to create a security interest in real property held by a lender as a security for a debt, usually a loan of money. A mortgage in itself is not a debt, it is the lender's security for a debt. It is a transfer of an interest in land from the owner to the mortgage lender, on the condition that this interest will be returned to the owner when the terms of the mortgage have been satisfied or performed. In other words, the mortgage is a security for the loan that the lender makes to the borrower.
This aims to be a complete list of the articles on real estate.
Foreclosure is a legal process in which a lender attempts to recover the balance of a loan from a borrower who has stopped making payments to the lender by forcing the sale of the asset used as the collateral for the loan.
Foreclosure investment refers to the process of investing capital in the public sale of a mortgaged property following foreclosure of the loan secured by that property.
Repossession, colloquially repo, is a "self-help" type of action—mainly in the United States—in which the party having right of ownership of the property in question takes the property back from the party having right of possession without invoking court proceedings. The property may then be sold by either the financial institution or third party sellers.
A secured loan is a loan in which the borrower pledges some asset as collateral for the loan, which then becomes a secured debt owed to the creditor who gives the loan. The debt is thus secured against the collateral, and if the borrower defaults, the creditor takes possession of the asset used as collateral and may sell it to regain some or all of the amount originally loaned to the borrower. An example is the foreclosure of a home. From the creditor's perspective, that is a category of debt in which a lender has been granted a portion of the bundle of rights to specified property. If the sale of the collateral does not raise enough money to pay off the debt, the creditor can often obtain a deficiency judgment against the borrower for the remaining amount.
OneWest Bank, a division of CIT Bank, N.A., is a regional bank with over 60 retail branches in Southern California. OneWest Bank specializes in consumer deposit and lending including personal checking and savings accounts, Money Market accounts, CDs, and home loan products. OneWest also offers small business checking, savings, CD and Money Market accounts as well as small business loans and treasury management products.
Real estate investing involves the purchase, management and sale or rental of real estate for profit. Improvement of realty property as part of a real estate investment strategy is generally considered to be a sub-specialty of real estate investing called real estate development. Someone who actively or passively invests in real estate is called a real estate entrepreneur or a real estate investor.
Equity stripping, also known as equity skimming, is a type of foreclosure rescue scheme. Often considered a form of predatory lending, equity stripping became increasingly widespread in the early 2000s. In an equity stripping scheme an investor buys the property from a homeowner facing foreclosure and agrees to lease the home to the homeowner who may remain in the home as a tenant. Often, these transactions take advantage of uninformed, low-income homeowners; because of the complexity of the transaction, victims are often unaware that they are giving away their property and equity. Several states have taken steps to confront the more unscrupulous practices of equity stripping. Although "foreclosure re-conveyance" schemes can be beneficial and ethically conducted in some circumstances, many times the practice relies on fraud and egregious or unmeetable terms.
Real estate owned, or REO, is a term used in the United States to describe a class of property owned by a lender—typically a bank, government agency, or government loan insurer—after an unsuccessful sale at a foreclosure auction. A foreclosing beneficiary will typically set the opening bid at a foreclosure auction for at least the outstanding loan amount. If there are no bidders that are interested, then the beneficiary will legally repossess the property. This is commonly the case when the amount owed on the home is higher than the current market value of the foreclosure property, such as with a mortgage loan made at a high loan-to-value during a real estate bubble. As soon as the beneficiary repossesses the property it is listed on their books as REO and categorized as an asset..
A mortgage loan or simply mortgage is a loan used either by purchasers of real property to raise funds to buy real estate, or by existing property owners to raise funds for any purpose while putting a lien on the property being mortgaged. The loan is "secured" on the borrower's property through a process known as mortgage origination. This means that a legal mechanism is put into place which allows the lender to take possession and sell the secured property to pay off the loan in the event the borrower defaults on the loan or otherwise fails to abide by its terms. The word mortgage is derived from a Law French term used in Britain in the Middle Ages meaning "death pledge" and refers to the pledge ending (dying) when either the obligation is fulfilled or the property is taken through foreclosure. A mortgage can also be described as "a borrower giving consideration in the form of a collateral for a benefit (loan)".
In real estate in the United States, a deed of trust or trust deed is a legal instrument which is used to create a security interest in real property wherein legal title in real property is transferred to a trustee, which holds it as security for a loan (debt) between a borrower and lender. The equitable title remains with the borrower. The borrower is referred to as the trustor, while the lender is referred to as the beneficiary.
Loss mitigation is used to describe a third party helping a homeowner, a division within a bank that mitigates the loss of the bank, or a firm that handles the process of negotiation between a homeowner and the homeowner's lender. Loss mitigation works to negotiate mortgage terms for the homeowner that will prevent foreclosure. These new terms are typically obtained through loan modification, short sale negotiation, short refinance negotiation, deed in lieu of foreclosure, cash-for-keys negotiation, a partial claim loan, repayment plan, forbearance, or other loan work-out. All of the options serve the same purpose, to stabilize the risk of loss the lender (investor) is in danger of realizing.
Regulatory responses to the subprime crisis addresses various actions taken by governments around the world to address the effects of the subprime mortgage crisis.
Loan modification is the systematic alteration of mortgage loan agreements that help those having problems making the payments by reducing interest rates, monthly payments or principal balances. Lending institutions could make one or more of these changes to relieve financial pressure on borrowers to prevent the condition of foreclosure. Loan modifications have been practiced in the United States since The 2008 Crash Of The Housing Market from Washington Mutual, Chase Home Finance, Chase, JP Morgan & Chase, other contributors like MER's. Crimes of Mortgage ad Real Estate Staff had long assisted nd finally the squeaky will could not continue as their deviant practices broke the state and crashed. Modification owners either ordered by The United States Department of Housing, The United States IRS or President Obamas letters from Note Holders came to those various departments asking for the Democratic process to help them keep their homes and protection them from explosion. Thus the birth of Modifications. It is yet to date for clarity how theses enforcements came into existence and except b whom, but t is certain that note holders form the Midwest reached out in the Democratic Process for assistance. FBI Mortgage Fraud Department came into existence. Modifications HMAP HARP were also birthed to help note holders get Justice through reduced mortgage by making terms legal. Modification of mortgage terms was introduced by IRS staff addressing the crisis called the HAMP TEAMS that went across the United States desiring the new products to assist homeowners that were victims of predatory lending practices, unethical staff, brokers, attorneys and lenders that contributed to the crash. Modification were a fix to the crash as litigation has ensued as the lenders reorganized and renamed the lending institutions and government agencies are to closely monitor them. Prior to modifications loan holders that experiences crisis would use Loan assumptions and Loan transfers to keep the note in the 1930s. During the Great Depression, loan transfers, loan assumption, and loan bail out programs took place at the state level in an effort to reduce levels of loan foreclosures while the Federal Bureau of Investigation, Federal Trade Commission, Comptroller, the United States Government and State Government responded to lending institution violations of law in these arenas by setting public court records that are legal precedence of such illegal actions. The legal precedents and reporting agencies were created to address the violations of laws to consumers while the Modifications were created to assist the consumers that are victims of predatory lending practices. During the so-called "Great Recession" of the early 21st century, loan modification became a matter of national policy, with various actions taken to alter mortgage loan terms to prevent further economic destabilization. Due to absorbent personal profits nothing has been done to educate Homeowners or Creditors that this money from equity, escrow is truly theirs the Loan Note Holder and it is their monetary rights as the real prize and reason for the Housing Crash was the profit n obtaining the mortgage holders Escrow. The Escrow and Equity that is accursed form the Note Holders payments various staff through the United States claimed as recorded and cashed by all staff in real-estate from local residential Tax Assessing Staff, Real Estate Staff, Ordinance Staff, Police Staff, Brokers, attorneys, lending institutional staff but typically Attorneys who are also typically the owners or Rental properties that are trained through Bankruptcies'. that collect the Escrow that is rightfully the Homeowners but because most Homeowners are unaware of what money is due them and how they can loose their escrow. Most Creditors are unaware that as the note holder that the Note Holder are due an annual or semi annual equity check and again bank or other lending and or legal intuitions staff claim this monies instead. This money Note Holders were unaware of is the prize of real estate and the cause of the Real Estate Crash of 2008 where Lending Institutions provided mortgages to people years prior they know they would eventually loose with Loan holders purchasing Balloon Mortgages lending product that is designed to make fast money off the note holder whom is always typically unaware of their escrow, equity and that are further victimized by conferences and books on HOW TO MAKE MONEY IN REAL STATE - when in fact the money is the Note Holder. The key of the crash was not the House, but the loan product used and the interest and money that was accrued form the note holders that staff too immorally. The immoral and illegal actions of predatory lending station and their staff began with the inception of balloon mortgages although illegal activity has always existed in the arena, yet the crash created "Watch Dog" like HAMP TEAM, IRS, COMPTROLLER< Federal Trade Commission Consumer Protection Bureau, FBI, CIA, Local Police Department, ICE and other watch dog agencies came into existence to examine if houses were purchased through a processed check at Government Debited office as many obtained free homes illegally. Many were incarcerated for such illegal actions. Modifications fixed the Notes to proper lower interest, escrow, tax fees that staff typically raised for no reason. Many people from various arenas involved in reals estate have been incarcerated for these actions as well as other illegal actions like charging for a modification. Additionally Modifications were also made to address the falsifications such as inappropriate mortgage charges, filing of fraudulently deeds, reporting of and at times filing of fraudulent mortgages that were already paid off that were fraudulently continued by lenders staff and attorneys or brokers or anyone in the Real Estate Chain through the issues of real estate terms to continue to violate United States Laws, contract law and legal precedence where collusion was often done again to defraud and steal from the Note Holder was such a common practice that was evidence as to why the Mortgage Crash in 2008 occurred for the purpose of winning the prize of stealing from Homeowners and those that foreclosed was actually often purposefully for these monies note holders were unaware of to be obtained which was why Balloon mortgages and loans were given to the staff in the Real Estate Market with the hope and the expectation that the loan holders would default as it offered opportunity to commit illegal transactions of obtaining the homeowners funds. While such scams were addressed through modifications in 2008. The Market relied heavily on Consumers ignorance to prosper, ignorance of real estate terms, ignorance on what they were to be charged properly for unethical financial gain and while staff in real estates lending arenas mingled terms to deceive y deliberate confusion consumers out of cash and homes while the USA Government provided Justice through President Obama's Inception and IRS Inception of Modifications which addressed these unethical profits in Reals Estate. It was in 2009 that HARP, HAMP and Modifications were introduced to stop the victimization of Note Holders. Taking on the Banks that ran USA Government was a great and dangerous undertaking that made America Great Again as Justice for Consumers reigned. Legal action taken against institutions that have such business practices can be viewed in State Code of Law and Federal Law on precedent cases that are available to the public. Finally, It had been unlawful to be charged by an attorney to modify as well as for banking staff to modify terms to increase a mortgage and or change lending product to a balloon in an concerted effort to make homeowner foreclose which is also illegal, computer fraud and not the governments intended purpose or definition of a modification. There are reputable companies that are trained to assist with foreclosure defense and home retention options. In addition, hud.gov offers a variety of non-profit agencies that offer assistance.
Mortgage Electronic Registration Systems, Inc. (MERS) is an American privately held corporation. On October 5, 2018, Intercontinental Exchange and MERS announced that ICE had acquired all of MERS. MERS is a separate and distinct corporation that serves as a nominee on mortgages after the turn of the century and is owned by holding company MERSCORP Holdings, Inc., which owns and operates an electronic registry known as the MERS system, which is designed to track servicing rights and ownership of mortgages in the United States. According to the Department of the Treasury, the Board of Governors of the Federal Reserve, The Federal Deposit Insurance Corporation and the Federal Housing Finance Agency, MERS is an agent for lenders without any reference to MERS as a principal.
A short refinance is a transaction in which a lender agrees to refinance a borrower's home for the current market value, in effect making it more cost effective for the borrower. The lender agrees to replace his own current loan with a new one, and pays off the difference. This new loan typically has a lower balance, and borrowers typically receive a new interest rate, which is often lower than their former one- resulting in a reduced mortgage payment.
The Cuyahoga County Land Reutilization Corporation, commonly known as the Cuyahoga Land Bank, is a quasi-governmental non-profit corporation established in Ohio in 2009. It was established to respond to the effects of the United States housing bubble in Cleveland and surrounding Cuyahoga County, where the housing bubble had a particularly strong impact.
A government auction or a public auction is an auction held on behalf of a government in which the property to be auctioned is either property owned by the government or property which is sold under the authority of a court of law or a government agency with similar authority. In the case of government procurement, goods and services are bought using a reverse auction.
