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How to Reorganise Your Time to Accommodate a Home-Based Business
Almost everyone needs or wants more money coming in, and with this desire most would like to start some sort of extra income-producing project. The trouble is, not many of these people seem able to fit “a second job” into their time schedules. ...
How To Work At Home Using Your Computer, Even If You Can't Type
How To Work At Home Using Your Computer, Even If You Can't Type By Ken Leonard Jr. ©2002 KLJ Online Starting a home-based business involves many tasks. It quickly becomes very important to make as many of these tasks as easy as...
Tips For Setting Up A Home Office
Setting up a home office is one of the most important tasks you
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Size...
Work At Home Be Your Own Boss
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Work At Home Tips
Working out of the home often means juggling multiple tasks and wearing many hats. But look out. When there is so much to do that there is little time left over for sales and marketing activity, sales can dry up and often do. Here are some ways to...
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Home Equity Loan – Beware of the lingering lien!
A problem that often arises when people try to refinance their home is the discovery of a pre-existing lien from a previous loan that was not removed by the lending company. The cost of removing a lien and returning the title to the homeowner, a process known as reconveyance, is usually included in fees associated with a home equity loan. When the loan is paid off, the lender is generally responsible for removing the lien, so that public records show the property to be unencumbered.
There are various reasons for why the lien isn’t always removed – oversight on the part of the lender, especially during heavy periods of refinancing, is often the problem. Occasionally, the problem can arise when a lender is sold to another company or when that lender goes out of business. No matter what the cause, a lien that hasn’t been removed can come back to haunt a homeowner.
If a homeowner is in the process of refinancing a home and discovers an old lien that hasn’t been removed, the entire refinancing process can be held up for weeks. This can be critical if the owner is trying to lock in an interest rate prior to closing. The problem can also arise when a homeowner is trying to take out another home equity loan, perhaps to facilitate debt consolidation or home improvements.
Here are a few things you can do to avoid this problem:
Get a copy of your credit report. If there are any errors, particularly errors showing an open line of credit or a home equity loan that has been paid off, contact your lender.
Keep your paperwork from all real estate loans, even if you have already paid them off. Then you will have them at hand should you need to demonstrate that you have fulfilled your obligations.
If the lien shows up on public records or a credit report, but the original lender says that you have paid it, have them send you a copy of their documentation regarding your reconveyance.
As with most issues that come up when financing or refinancing a home, this one can be resolved by remaining diligent and keeping proper paperwork. As always, it’s a good idea to check your credit report regularly, particularly if you plan on taking out a loan in the near future.
About the Author
©Copyright 2005 by Retro Marketing. Charles Essmeier is the owner of Retro Marketing, a firm devoted to informational Websites, including End-Your-Debt.com, a Website devoted to debt consolidation information and HomeEquityHelp.net, a site devoted to information on home equity loans.
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