Your Real Estate Advisor

By: Mildred Wilkins

Comprehensive Guide to Loan Terms

Trying to talk to a lender or servicer about your mortgage is like visiting a foreign country where you are the only one speaking English. Obviously the people are speaking to you but you don’t understand a word they are saying.

This guide provides an in-depth explanation of the meaning of the words they are using. With increased understanding of the terms you will be in a better position to navigate your personal mortgage situation.

Excerpt:

Cash for Keys

Is a common practice utilized by representatives of lenders or guarantors who are attempting to facilitate the vacating of a recently foreclosed property. A sum of money ($500-1000 is common) may be offered to the former owner of the home or a tenant who has not left the property by the date of the sheriff’s sale. They will usually be asked to sign an agreement to leave the home totally empty, state a specific date and is binding only if signed by both parties.