what does a reserve mean is it the same as lending fee

Hi Laura,

Can you give some more details..

Hi,

The lending fee is the payment which the lender charges for providing the loan. The reserve or cushion is not similar to the lending fee. The reserve is the additional amount which a mortgage borrower deposits in the escrow account. This implies that the account balance will never go below zero even if tax payments and other rates are increased.

Under the RESPA, the reserve in most case is equal to monthly escrow payments for a period of 2 months. Some lenders allow a reserve of 1 month only.

Thanks,

Caron.

hi,

what doucments are needed to refinance your home. second what if you are unaware that your home was refinanced by your spouse. what recourse do you have if this was done.

Hi Bee,

If your spouse has taken the loan on his own and you were not part of it then he can refinance that loan after consulting the lender.

Knobloch

Hi Bee,

If you were also part of the mortgage then I do not think it is possible for the other borrower to refinance the mortgage without your consent.

Hi Bee,

The documents needed for a refinance are almost similar to that of a first mortgage. Refer to section: Pre-approval – Documents verified and factors involved for a checklist of the documents required.

Regarding your second query, if the spouse refinances an existing loan, the signature of the other spouse is required if the latter is on the loan or the title to the property. It does not seem logical that one spouse can refinance without the other knowing it when the other's signature is required.

Thanks,

Sara

What does it mean, when the court oders a push to sale ,and what is involved in the process.

Hi Bee,

In general, a push to sale is a marketing strategy applied by businesses. The marketing personnel in a company plan a strategy for the sale of their products throughout the year. In case, their sale does not reach the target set up at the beginning of the year, the people in the marketing department make use of the push to sale method which implies a strategy that can increase the sale of products so that they can achieve their targets.

Experts however feel that instead of pushing up sale at the end of the year, marketing guys should try to push up sale each month and hence achieve their targets comfortably.

However, in your situation, it seems that the court has ordered a push to sale. It's quite difficult to comment from the information that you have given us. Please explain your situation by giving some details so that we can give you better suggestions.

Thanks

To give a little more detail to my previous question. What if a couple had been divorce for 5 years, but the issue regarding there home was not part of the divorce settlement. If both parties can not come to any agreement.
It was recommend that the couple sign forms to push to sale. Could you explain what would this involve?

I think what was meant was that to expedite the sale of the house and distribute the proceeds between two of you as you were not able to come to an agreement as to how the title of the home should be divided.

I am not aware of any such specific term used in law such as "push to sale". It must have been used in general terms to mean that the sale must be completed quickly to divide the house proceeds among both of you.

Hi Bee,

Since both of you could not come to any settlement regarding the house, I think you have been recommended to sell it as early as possible and divide the sale proceeds among yourselves. I feel that the push to sale concept is what you need to do so that the property can be sold off within a short time. I feel you should contact a real estate agent to help you in the sale.

Thanks