Foreclosure is the legal process by which a mortgagee, or other lien holder, usually a lender, obtains a termination of a mortgagor's equitable right of redemption, either by court order or by operation of law (after following a specific statutory procedure). Usually a lender obtains a security interest from a borrower who mortgages or pledges an asset like a house to secure the loan. If the borrower defaults and the lender tries to repossess the property, courts of equity can grant the borrower the equitable right of redemption if the borrower repays the debt. While this equitable right exists, it is a cloud on title and the lender cannot be sure that it can successfully repossess the property. Therefore, through the process of foreclosure, the lender seeks to foreclose the equitable right of redemption and take both legal and equitable title to the property in fee simple. Other lien holders can also foreclose the owner's right of redemption for other debts, such as for overdue taxes, unpaid contractors' bills or overdue homeowners' association dues or assessments.
The foreclosure process as applied to residential mortgage loans is a bank or other secured creditor selling or repossessing a parcel of real property (immovable property) after the owner has failed to comply with an agreement between the lender and borrower called a "mortgage" or "deed of trust". Commonly, the violation of the mortgage is a default in payment of a promissory note, secured by a lien on the property. When the process is complete, the lender can sell the property and keep the proceeds to pay off its mortgage and any legal costs, and it is typically said that "the lender has foreclosed its mortgage or lien". If the promissory note was made with a recourse clause then if the sale does not bring enough to pay the existing balance of principal and fees the mortgagee can file a claim for a deficiency judgment.
Source :en.wikipedia.org
Foreclosure' Definition And Mortgage Activity
How the Formula to Calculate Loan By Using Excel
Credit consumer is divided into 2 for the method of imposition of interest, namely Fixed Interest (Fixed Rate) and declining interest. For the calculation of fixed interest still easy, stay (Principal Debt x (Great Rates per month x number of months installment)) / number of months installment = your installment . Well this is somewhat complicated if debt and declining interest model commonly used in the Housing Credit. Declined interest can be calculated with rich formulas in fixed interest. But do not worry, Excel provides a formula.
To calculate the interest decreased interest, we can use the Microsoft Excel's formulas that is PMT . The use is very simple: PMT (interest per month% / 12; the number of months, the loan amount) . The result is negative you can multiply the result by -1 to restore the value to be positive.
For example, the interest per month was 12.8%, long installment is 120 months (10 years) and a large debt principal (loan amount) is 150,000,000. So if we use a PMT formula: = PMT (12.8% / 12; 120 150 000 000) will be out the amount of your mortgage in each month.
The result above is negative, making positive multiply it by -1. So the formula becomes as = PMT (12.8% / 12; 120 150 000 000) *- 1.
How The Ways In Selling Insurance Products
How challenging in Selling insurance products. These can be compared with tangible products. Some people are not believe to these products, "That is not real" they said, but it depend of our sales marketing, "How to make sure them". The fact is how to increase our conversion rate in marketing, it is recommended that we practice
our sales pitch before you meet up with our prospects (Customer Objects). We need to know what to say when and how we can address common objections.
The tips is for both of us, for example; If we are a new life insurance agent, then we are probably a little confused and bewildered. If we are more experienced, we
have probably tried a few of these plans and been mightily disappointed. They are such like;
- I've been where we're at now. in fact, I'd wager that I was at a lower point before I started putting my system into action.
- My system is simple and full of common sense techniques and advice. It's all about selling the right thing the right way and treating your customers like they matter!
- We must confident in explaining our prospects.
How important Life Insurance Is
As I know that life insurance is the most important thing in human life. It create a safety net against unexpected event, the person can lose much at this situation. The first step is to understand why we need the life cover. Generally,life insurance is a specially designed to provide the financial security to the families at the event of death of the life assured. This cover also can be used to pay the mortgages,children's education,funding for retirement,and many more. If we are wealthy, independent and do not have any these needs. Anyway if we took in somewhere,we should think for "the estate" and "tax settlement" consideration. These things should be thought by us.
Credit Becomes A Part Of Marketing Strategy
The term "Credit" is very familiar in a market area. We know that credit is a way to get extra funds for expenses such as buying motorcycle, car, house repairs, vacations,or even to purchase an object we desire but don't have enough money. In order to qualify for this type of loan we must have a "clean" from credit history and a fixed income. And the other requirement as like the total amount of money we get is limited, it depends on our income. For that we must obey the rules to pay off in a period time which is determined.
