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Mortgage arrears |
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Mortgage arrearsThe amount of back pay you owe your mortgage lender for failing to meet your mortgage requirements.Mortgage arrears Similar MatchesMortgage indemnityMortgage indemnityA mortgage indemnity allows a mortgage lender to recover the costs incurred from a repossession by pursuing the former owner for the difference between a) what the property was sold for and b) what the former owner still owes under the mortgage.In effect, if you are unable to pay your mortgage, and your property is repossessed and sold, the lender can still chase you for a shortfall if the amount raised by the sale doesn't cover your debt.Some mortgage companies have insisted that borrowers take out an insurance policy to cover the potential liability - know as a mortgage indemnity guarantee. MIGs are most common where the deposit being put down by the mortgagor is less than 10% of the borrowed amount. Typically a MIG will add £1,600 to the cost of a £100,000 mortgage.MIGs have come in for a lot of bad publicity, and are not as common now as they used to be. Some lenders have abandoned them altogether. Chattel mortgageChattel mortgageA lien on personal property used as collateral for a loan. General Mortgage BondGeneral Mortgage BondIn the US, this refers to a bond that is secured by a blanket mortgage on the issuing company's property, though it may be outranked by one or more other mortgages. Mortgage lienMortgage lienThe unpaid balance on the mortgage loan. Foreign currency mortgageForeign currency mortgageIt is possible to get a mortgage for your home in the UK in a mortgage denominated in a foreign currency. It sometimes gives you the opportunity to borrow money at a lower rate of interest than is possible in the UK. You do this by choosing a currency whose country has lower interest rates than we have here. Lower interest rates should mean lower repayments of both capital and interest or a shorter mortgage term. The mortgage does not have to be in any single currency. There are lenders who will allow you to spread your mortgage across a range of different currencies. This could be seen as spreading the risk Further SuggestionsGraduated Payment Mortgagemortgage backed security endowment mortgage Mortgage advance Joint mortgage Mortgage incentives Stripped mortgage backed securities (SMBS) senior mortgage bond Assumable mortgage Mortgage servicing fixed rate mortgage Mortgage broker Wraparound mortgage Low start mortgage Real Estate Mortgage Investment Conduit (REMIC) Veterans Administration (VA) mortgage Mortgage deed Multifamily mortgage Government insured mortgage Mortgage reference fee Blanket mortgage Mortgage types remortgage Package mortgage commercial mortgage |
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