extenuating circumstances definition mortgage
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What are extenuating circumstances? Extenuating circumstances are nonrecurring events that are beyond the borrower’s control that result in a sudden, significant, and prolonged reduction in income or a catastrophic increase in financial obligations.
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- Offset Mortgage. Share. DEFINITION of 'Offset Mortgage'. A type of mortgage that involves blending a traditional mortgage with one or more deposit accounts; the savings balance(s) held in the latter can be used to offset the mortgage balance.
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- Protecting borrowers from mortgage predators. Penalties For Early Payment. October 12, 2001, Revised November 17, 2004, Revised April 18, 2007, August 28, 2011. A prepayment penalty is a provision of your contract with the lender that states that in the event you pay off the loan entirely, you will pay a penalty.Penalties are usually expressed as a percent of the outstanding balance at time of prepayment, or a specified number of months of interest. penalty that applies to a home sale as well as a refinancing, is a hard penalty; if it applies only to a refinancing, it is a soft penalty. Questions about prepayment penalties come from several types of borrowers, as illustrated by the letters below.
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Glossary of Home Loan & Lending Terms Adjustable-rate mortgage (ARM)[skip to next word] A mortgage in which your interest rate and monthly payments may change periodically during the life of the loan, based on the fluctuation of an index. Lenders may charge a lower interest rate for the initial period of the loan. Most ARMs have a rate cap that limits the amount the interest rate can change, both in an adjustment period and over the life of the loan. Also called a variable-rate mortgage.
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Mortgage modification Mortgage modification is a process where the terms of a mortgage are modified outside the original terms of the contract agreed to by the lender and borrower (i.e. mortgagee and mortgagor). In general, any loan can be modified, and the general process is referred to as loan modification or debt rescheduling.
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Dictionary of Banking Terms and Phrases Also known as variable-rate mortgages. The initial interest rate is usually below that of conventional fixed-rate loans. The interest rate may change over the life of the loan as market conditions change. There is typically a maximum (or ceiling) and a minimum (or floor) defined in the loan agreement. If interest rates rise, so does the loan payment.
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Exigent Circumstances Exigent Circumstances. Exigent circumstances are exceptions to the general requirement of a warrant under the Fourth Amendment searches and seizures. Exigent circumstances occur when the a law enforcement officer has a probable cause and no sufficient time to secure a warrant.
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The Mortgage Group Â® principal, interest and taxes (PIT) 1. An acronym for principal, interest, and taxes which are components of a monthly mortgage payment. gross debt service (GDS) The total monthly mortgage (or rent) payments, property taxes, utilities and maintenance fees as a percentage of gross monthly income.
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What are extenuating circumstances? FHA describes extenuating circumstances as circumstances that were beyond the control of the borrower, such as a serious illness or death of a wage earner, and the borrower has re-established good credit since the major credit event. For FHA, Divorce is not considered an extenuating circumstance.
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Financial Dictionary What is 'Nontraditional Mortgages' A broad term describing mortgages that do not take the traditional form. A traditional mortgage would require a relatively high initial down payment of about 25% and 25-year payment schedule with an interest rate that is compounded on a monthly basis. A broad term describing mortgages that do not take the traditional form.  Nontraditional mortgages include interest-only mortgages, payment option adjustable rate mortgages (ARMs) and subprime mortgages.
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- The mortgage grace period is the period of time during which a loan payment may be made after its due date without incurring a late penalty. The grace period on mortgage payments is specified as part of the terms of the loan in the Note. It typically will start the day after the official mortgage due date and run for one or two weeks. Payment grace periods apply only to mortgages on which interest is calculated monthly. Simple interest mortgages do not have a grace period because interest accrues daily.
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When Is a Mortgage Payment Considered Late? The grace period is the additional time that lenders allot to borrowers to pay the required mortgage payments without being required to pay late fees. Grace periods may differ with each lender. This additional time is usually within the first five, 10 or 15 days after the actual due date for the payment.
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What Does the FHA Consider an Extenuating Circumstance with Foreclosure? FHA may excuse a previous foreclosure if it was the proven result of a serious event, or extenuating circumstance. Foreclosure is the legal process by which a lien holder, usually a mortgage lender, deprives a borrower of his ownership rights on the property because of the borrower's failure to repay the loan.
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- Tree Sizes. The size of the tree in question plays a large role in how much you’ll pay to have it removed. For example: 1  Small Trees up to 30 Feet in Height – $125 to $450. 2  Medium Trees between 30 and 60 Feet in Height – $175 to $950. 3  Large Trees between 60 and 80 Feet in Height – $400 to $1,100.
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- Mortgage Penalty Calculator. When breaking your mortgage contract early, usually because of a refinance or the sale of your home, you will unfortunately have to pay your lender a penalty called a prepayment penalty.hat was the original term of your mortgage? The mortgage term is the amount of time a homebuyer commits to the rules, conditions and interest rate agreed upon with the lender. The term can be anywhere from six months to 10 years, with a 5-year mortgage term being the most common duration.
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Interest Rate Differential (IRD) Interest Rate Differential (IRD). The IRD is a compensation charge that may apply if you pay off your mortgage prior to the maturity date, or pay the mortgage principal down beyond the amount of your prepayment privileges.ost closed fixed-rate mortgages have a prepayment penalty that is the higher of 3-months interest or the IRD. Most variable-rate mortgages do not have IRD penalties. Here is a calculator that let’s you estimate your mortgage penalty. Edit the figures in yellow and press Tab after each edit.
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Extenuating Circumstance to Buy After Short Sale, Foreclosure or BK Extenuating Circumstance to Buy After Short Sale, Foreclosure or BK. An allowable extenuating circumstance may allow you to qualify for an FHA, VA, USDA or Conventional mortgage much sooner to buy again after experiencing a short sale, foreclosure, or bankruptcy.
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What is 'Offset Mortgage' DEFINITION of 'Offset Mortgage'. A type of mortgage that involves blending a traditional mortgage with one or more deposit accounts; the savings balance(s) held in the latter can be used to offset the mortgage balance.
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- • In many cases, extenuating circumstances are required for a creditor to have agreed to certain actions, such as a. preforeclosure sale or deed-in-lieu of foreclosure; therefore, many borrowers will be eligible under the shorter. waiting period. Eligibility After a Derogatory Credit Event.
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- By on January 20, 2012 in Mortgage Guidelines. An allowable extenuating circumstance may allow you to qualify for an FHA, VA, USDA or Conventional mortgage much sooner to buy again after experiencing a short sale, foreclosure, or bankruptcy.
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What Is a Mortgage Contingency? These days, you don't have the mortgage until the bank funds the loan. Most real estate contracts include contingency clauses. These are statements indicating the sale is conditional on something else happening. One of the most common contingencies is for a mortgage. The contract allows a limited amount of time for the buyers to be approved for a mortgage in order to buy the property.
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Financial crisis of 2007â2008 DEFINITION of 'Conforming Loan'. A mortgage that is equal to or less than the dollar amount established by the conforming loan limit set by Fannie Mae and Freddie Mac's Federal regulator, The Office of Federal Housing Enterprise Oversight (OFHEO) and meets the funding criteria of Freddie Mac and Fannie Mae. Next Up.
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Conventional fixed-rate mortgages A conventional (conforming) mortgage is a loan that conforms to established guidelines for the size of the loan and your financial situation. Conventional loans often feature lower interest rates than jumbo loans, FHA loans or VA loans. Terms of these conventional loans typically range from 10 to 30 years. Monthly payments on a conventional fixed-rate mortgage remain the same for the life of the loan, making it an attractive option for borrowers who plan to stay in their home for several years.
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- A to G. acceleration clause. A clause in your mortgage which allows the lender to demand payment of the outstanding loan balance for various reasons. The most common reasons for accelerating a loan are if the borrower defaults on the loan or transfers title to another individual without informing the lender.