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In Florida, when a homeowner misses payments, a lender charges a late fee, warns the borrower, sends a breach letter and then files a lawsuit for foreclosure in state court, as Nolo explains. If homeowners don't provide ... More »

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The potential home buyer needs to know if a home is a short sale because the purchasing process is more complex. There is extra waiting and paperwork involved in a short sale. More »

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The deed in lieu of foreclosure process differs by lenders, but overall the process includes the owner of a property giving up all legal rights to the property. The owner turns the property over to the lender. More »

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A home loan modification letter, sometimes also called a hardship letter, is a request from a borrower to a lender to change the terms of a home loan. Borrowers typically write these letters when they can no longer affor... More »

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A mortgage payoff letter is a letter from a mortgage lender that explains to the borrower how to pay off the home loan. As the end of a loan agreement approaches, the borrower requests a mortgage payoff letter in order t... More »

www.reference.com Business & Finance Credit & Lending

After a lender initiates foreclosure proceedings against a homeowner, he has two rights to stop a foreclosure from happening: the right to reinstate his mortgage and the right to redeem, according to John Roska at The Ne... More »

www.reference.com Business & Finance Credit & Lending

The My Loan Detail website has comprehensive information about a new homeowner's mortgage agreement, including details on payments, fees and responsibilities of the borrower and lender, reports Carrington Mortgage Servic... More »

www.reference.com Business & Finance Credit & Lending