Home Equity Loan – Beware of the lingering lien!
by Charles Essmeier
A problem that often arises when people try to refinance their home is the discovery of a pre-existing lien from a previous loan that was not removed by the lending company. The cost of removing a lien and returning the title to the homeowner, a process known as reconveyance, is usually included in fees associated with a home equity loan. When the loan is paid off, the lender is generally responsible for removing the lien, so that public records show the property to be unencumbered. There are various reasons for why the lien isn’t always removed – oversight on the part of the lender, especially during heavy periods of refinancing, is often the problem. Occasionally, the problem can arise when a lender is sold to another company or when that lender goes out of business. No matter what the cause, a lien that hasn’t been removed can come back to haunt a homeowner. If a homeowner is in the process of refinancing a home and discovers an old lien that hasn’t been removed, the entire refinancing process can be held up for weeks. This can be critical if the owner is trying to lock in an interest rate prior to closing. The problem can also arise when a homeowner is trying to take out another home equity loan, perhaps to facilitate debt consolidation or home improvements. Here are a few things you can do to avoid this problem: Get a copy of your credit report. If there are any errors, particularly errors showing an open line of credit or a home equity loan that has been paid off, contact your lender. Keep your paperwork from all real estate loans, even if you have already paid them off. Then you will have them at hand should you need to demonstrate that you have fulfilled your obligations. If the lien shows up on public records or a credit report, but the original lender says that you have paid it, have them send you a copy of their documentation regarding your reconveyance.As with most issues that come up when financing or refinancing a home, this one can be resolved by remaining diligent and keeping proper paperwork. As always, it’s a good idea to check your credit report regularly, particularly if you plan on taking out a loan in the near future.
©Copyright 2005 by Retro Marketing. Charles Essmeier is the owner of Retro Marketing, a firm devoted to informational Websites, including End-Your-Debt.com, a Website devoted to debt consolidation information and HomeEquityHelp.net, a site devoted to information on home equity loans.
Join the Free Ez Credit Bulletin and get Free Money-Making Gifts!
At EzCreditAZ.com we can help you get credit, cash fast, a payday advance, debt relief and more. But, that's not all. Even more importantly, we want you to transform your bills into cash and start building a future where money issues will no longer be a worry! To get to that point please join our Ez Credit Bulletin. It will give you the tips, tricks and secrets you need to become wealthy and leave your debt worries behind!
Debt help and the need for some fast cash in whatever form - a payday loan, a consolidation loan, a home equity loan, or whatever - is often welcome relief. We can show you where to go to get the best deals and maybe save you some time and aggravation.
Just for joining you'll also receive some special money-making bill busting bonuses including Money Without Leaving Home and Get a Job Fast some nice ebooks.
Once you've signed up please check out the cash advance, credit repair, and loan consolidation companies we do business with. They are solid and secure and you can get paid money very quickly.
While here you'll also discover a variety of credit repair, debt help and wealth building tools and secrets that you can begin using today to push toward financial freedom.
Privacy Policy: Rest assured your email address will never be given out, rented or sold for any reason. We value your privacy. Should you ever wish to do so you can unsubscribe with one quick click in any email we send you.
Yahoo! News Search Results for credit
Yahoo! News Search Results for credit
Younger people have trouble getting credit (CNN Money)
Getting credit? Not easy in this market. But it's even more difficult if you're between the ages of 22 and 34 according to a new survey.
Real Estate's Link to the Small Business Credit Crunch (BusinessWeek via Yaho...
It's no secret that small businesses in the U.S. face difficulties accessing credit. According to a survey of a random sample of 751 small businesses conducted by Gallup at the end of 2009 for the National Federation of Independent Business Research Foundation, 44% of small businesses seeking credit in 2009 received only some or none of the money they sought. This level of credit access compares ...
Brown says UK to maintain AAA credit rating (Reuters via Yahoo! News)
Prime Minister Gordon Brown said on Wednesday he believed Britain would maintain its coveted top credit rating and announced a pay freeze for senior civil servants and military officers to help tame a record deficit.
Senate Approves Bill That Includes Biodiesel Credit (Update2) (Bloomberg)
March 10 (Bloomberg) -- The U.S. Senate approved a bill that extends the $1-a-gallon tax credit for biodiesel, which expired Dec. 31. The credit was included in a $138 billion measure that would extend unemployment benefits and provide more aid to states in an effort to boost the economy.
Mexico to Renew $48 Billion Credit Line With IMF (Update2) (Bloomberg)
March 10 (Bloomberg) -- Mexico intends to renew a $48 billion credit line with the International Monetary Fund for one year as the country emerges from its deepest slump in 70 years.
Newsfeed display by CaRP
Home |
Resources |
Articles |
Wealth Secrets |
Big Money |
Ez Credit Bulletin |
Contact
copyright 2006 EzCreditAz.com
