About Mortgage and Types of Lawyer
What is Termination of Mortgage Insurance?A Mortgage Insurance Termination is the ending of FHA Single Family mortgage insurance at which time the Mortgagee’s obligation to remit Mortgage Insurance Premium (MIP) to HUD ends. Upon termination, the Borrower and Mortgagee will enjoy only those rights, if any, to which they would be entitled under the National Housing Act if the insurance contract terminated as a result of the insured Mortgage being paid in full. HUD terminates the FHA insurance contract as follows: • automatically when the Mortgage reaches maturity; or • when the Mortgagee reports a termination code, such as: • prepayment (Borrower paid the Mortgage in full before the maturity date); • use of Home Disposition Option or non-conveyance foreclosure (the Property was acquired by a Mortgagee or third-party at a foreclosure sale or was redeemed after foreclosure and no insurance claim or Claim Without Conveyance of Title (CWCOT) will be submitted to HUD); • conveyance for insurance benefits; or • voluntary termination (both the Mortgagee and Borrower agreed to voluntarily terminate FHA insurance). The Mortgagee must report termination of a case to HUD via FHA Connection (FHAC), Business to Government (B2G), or the Electronic Data Interchange (EDI) within 15 Days of the actual event. Mortgage default insurance, commonly referred to as “mortgage insurance”, protects the lender from losses related to borrower default on their mortgage loan. In Canada, mortgage insurance is required federally on all high-ratio mortgages where the down payment is less than 20 per cent of the property value. This insurance, which allows lenders greater flexibility to offer programs that require a lower down payment, means that qualified borrowers can purchase a home with as little as five per cent down.
There are two types of mortgage options:
- High-ratio Mortgages: Loans with less than 20 per cent down payment
- Conventional Mortgages: Loans with a minimum 20 per cent down payment
Types of Lawyer in USA
Tax LawyerGetting into trouble with the IRS is no fun. A tax attorney specializes in the many intricacies of federal, state and local tax laws, and should be able to provide advice on the particular tax issue you face.
Personal Injury LawyerIf you’ve suffered injuries in an accident—for example, a car accident—the type of lawyer you’ll want to see is a personal injury lawyer. These types of attorneys specialize in obtaining compensation in the form of damages for injuries caused by other parties.