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7 GOOD REASONS FOR A MORTGAGE REFINANCE
Re for a lower rate Convert an ARM
Get a mortgage on a paid-o house Cash out to consolidate debt Cash out to buy other property Consolidate two mortgages Address family matters
A Quitclaim Deed
is the simpliest way that a person (the grantor) can transfer property, such as a house, to another person (the grantee). It
is often used among family members to remove or change someone’s name from the property title. While the concept is simple and straightforward — relinquishing all ownership claims to a particular property — it’s also important to note what a quitclaim can’t do.
In renouncing the claim, the grantor makes no guarantee of promise that the property is free of debt. Another important distinction is that the grantor makes no promise that no one else claims to own the property. The quitclaim deed says, in e ect, that the grantor is signing over whatever ownership he or she may have in the property. It does not even guarantee that the grantor has any ownership interest at all.
A simple form is lled out, taken to a notary, and signed and stamped, making it legally binding. The document is then
photocopied, distributed to all parties, and then led at the local records o ce.
Steps to rid credit report of old debt! Bad credit isn’t a life sentence.
No matter how heavy it feels,
bad credit doesn’t last forever. Even
if you made a total mess of your
nancial life at one point, after a
certain amount of time, most of those
nancial mistakes will be expunged
from your credit report. For unpaid or
delinquent accounts, the time period
is 7 years. For Chapter 7 bankruptcies,
it’s 10 years. Misunderstandings or errors can result in a debt overstaying its welcome on your credit report. If old debt is still haunting your credit report, you don’t have to live with it. Here are steps to get it o your credit report and out of your life.
Verify the age to see if can be removed No separate clock for sold-o debt
No matter how many times a debt is sold, the date that counts for the 7 year clock is the date of delinquency with the
original creditor. Get all 3 of your credit reports
Your three credit reports from consumer reporting
agencies Equifax, Experian & TransUnion are not identical triplets.
Send letters to the bureaus and to the reporting creditor
If your initial letters don’t do the trick, direct your next letter to the president’s attention at the company’s headquarters address. You get a di erent kind of response from the o ce of the president than you do from customer service. Last but not least and the last steps you might consider taking is to contact the regulators and talk with an attorney.
Owner’s Title Insurance
... called an Owner’s Policy, is usually issued on
the sales price. It is purchased for a one-time fee at closing and lasts for as long as you or your heirs have an interest in the property. Only an Owner’s Policy fully protects the buyer should a covered title problem arise with the title that was not found during the title search. Possible hidden title problems can include:
Errors or omissions in deeds Mistakes in examining records Forgery
Any and all of the above is included only for general information and not to be construed as tax or legal advice. You should take any questions to your tax or legal advisor for clari cation.