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According to the most recent census data, there are approximately 1,363 land trusts in the United States. Put simply, a land trust is a tool used in estate planning to help real estate assets avoid probate. If you’re wondering what a land trust is and how it works, keep reading. Armed with this knowledge, you’ll…
Unfortunately, real estate is not always guaranteed to be a good investment. Sometimes you can find yourself owing more on your home loan than the property is worth. When that happens, you may think about simply walking away from your mortgage. If you’re thinking of going this route, keep reading. We’ve compiled all the info…
Assumable Mortgage 101: How Can Someone Take over Your Mortgage? If you’ve ever asked the question, “Can someone else take over my mortgage?” you’re in luck. There is a way to allow someone else to take over responsibility for a mortgage. In real estate, these loans are known as “assumable loans.” Although they are not terribly…
If you’ve recently had a loved one pass away, you may be wondering what happens to a mortgage when the borrower dies. Unfortunately, there is no one cut-and-dried answer to this question. It depends on who applied for the loan and whether or not the surviving family members want to keep the property. In light…
Put simply, “judicial foreclosure” is the legal term used for a foreclosure that goes through the local court system. However, there is much more to this type of foreclosure than just knowing that courts are involved. With that in mind, we’ve created a guide to the process below. Keep reading to learn what you need…
What’s Included in an Owner Financing Contract Template? A Guide for Buyers and Sellers While it’s easy to find an owner financing contract template online, it’s not always easy to understand what all the legal terms mean. With that in mind, below is a guide to the most important information that needs to be present…
At some point, everyone who’s interested in financing real estate has asked themselves the question, “What is a balloon payment on a mortgage?” While most balloon payments are no longer allowed to be part of most qualified mortgages for consumer purposes, it’s important to note that they can still be used in non-traditional financing arrangements…
As you likely already know, offering the option of seller financing can be an effective way to make purchasing your home an option for a greater variety of buyers. However, you may not be aware that, if you have an existing home loan, the process will become a little trickier, mainly due to the due-on-sale…
Believe it or not, getting a mortgage from a bank is not the only way to finance the purchase of a home. In fact, seller-financing in real estate and, in particular, seller carry-back mortgages — sometimes called vendor take-back mortgages — can often be a viable alternative to a traditional mortgage loan. If you’re wondering…
Real estate has many complex terms and “purchase money mortgage” is one of them. If you’ve asked yourself “what is a purchase money mortgage?” read on below. We’ll tell you what this term means, how it works, and what the benefits are of using this type of financing in a real estate transaction. Key takeaways…
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