Title Loans Research Paper

Premium Title started ELoanDocs in order to link different and numerous parties together, while informing them about mortgage-closing processes through technology. Before the company’s new process was created in the early 90’s; the industry’s process was stagnant and paper intensive. Prior to eLoanDocs system the mortgage industy consisted of a fax, mail, and an in-person review. A mortgage loan and final closing procedure would take around 90 days. It would also oblige a mortgage lender to generate final documents manually and then send it over to a title company prior to the scheduled closing date.

Investors often find lenders ' requirements for title seasoning an obstacle to selling their properties. Holding costs and declining market value can eat into profits. Leaving a house vacant can make it a target for vandalism. So... What is title seasoning? This refers to the length of time a person 's name has been on the title document recorded on a piece of real estate. Lenders ' underwriting guidelines vary as to how long a person 's name must be on title for a purchaser to buy an investor 's home or for the investor to refinance the property and cover his costs to rehab it. Why did lenders institute the title seasoning requirement? Can we say mortgage fraud? The scenario goes like this: Crook #1 buys a house for $100,000 in Week 1 and sells it to Crook #2 for $150,000 in Week #3. Crook #2 has his sister, brother-in-law, cousin Marvin appraise the property for $200,000 in Week #5 and in Week #6 sells it to Clueless Buyer who is so afraid of being priced out of a rapidly escalating housing market that she pays him a $25,000 premium over his asking price just to stay out of a bidding war. Problem is, Clueless Buyer is often a figment of some hot shot creative loan broker 's imagination trying to score a commission, points on the loan or the yield spread premium from the lender. After a few hundred of these scenarios, lenders wised up and wanted to believe they could stop property flipping (which is not illegal). Hey, it worked great - right up until about 2003. This is

Assemblyman Flores stated that title loan company can give out loans to individuals who are both unemployed and do not have a vehicle. If that individual, however, has a spouse who does have a vehicle, that person can use his or her spouse’s vehicle as collateral. This bill would prevent any individual from using another person's income or property for the purposes of receiving title loans. The third provision in Assemblyman Flores bill would include provisions regarding the ability to pay back a loan. If a person shows several signs that show their lack of income and/or property, that individual would not be allowed to participate in these loan services. The way this would work is through soft credit checks, which would allow the lender to see if a person has a trend of not repaying loans or delinquents. Tinel Perera, Attorney who works for the Southern Nevada Legal Aid Center, presented similar examples that illustrated the need for this bill. With regard to assets and collateral, she presented a scenario with an unemployed wife who does not own a car. Her husband, however has unemployment

When you decide to buy a home the lender will require a title search. A title search confirms that there is no lien against the property that needs paid. If someone is owes money for services, taxes etc. they can place a lien on the property. If there is a lien on the property the property cannot be sold or transferred until the debt is paid.

The economic crisis that hit the country took many jobs or people had their hours cut. With this situation happening, many people were finding themselves short on their mortgage payments and needing to go into foreclosure or having a short sale on their homes. Either option the homeowner chose or had chosen for them, they found themselves with poor credit and no way to become homeowners again. However, most wait times before was a minimum of two years up to seven years before that previous owner could be eligible for traditional loans.

Most people in this predicament get traditional signature loans, but the real movers and shakers often go after non-traditional funding sources, including online title loans. And why not? Fountainebleau/ Miami title loans can net the would-be business owner with the same amount of money as a traditional signature loan. They can also be easier and faster to get.

victims to get loans are rapidly expanding. After a home is foreclosed, it is generally difficult for

Most people don't know that title loans in Ohio come with a list of requirements, but they do. Our industry is tightly regulated on both the state and federal level. The purpose of these regulations is to protect would-be borrowers and to guide lenders like Midwest Title Lender in their customer dealings.

It was reported that employment decreased by almost 30 percent within a few months following the hurricane (Galea, 1). For example, New Orleans alone lost 190,000 jobs and as a state Louisiana lost more than 12 percent of their state’s total job opportunities (Galea, 1). This decrease in jobs is most likely due to the fact that without homes to come back too, many New Orleans residents didn’t come back at all, so the area lost thousands of workers in the process. The increase in unemployment due to the devastation of Hurricane Katrina also played a large role in the increase in foreclosures. Because residents didn’t have safe houses or secure jobs to come back too, they often stopped paying their mortgages. Although many mortgage providers allowed time to pass before collecting overdue payments directly after the storm, banks had to foreclose on abandoned homes shortly after. In the end, this shows that not only did Hurricane Katrina increase the unemployment rate, but it also had a negative effect on the mortgage

There are many reasons a person can end up in foreclosure. Many people were victims of predatory lenders, whom they trusted to have their best interests at heart. These lenders misled homebuyers and helped them achieve loans for purchases that were beyond their budget.

Title loans in East Brunswick Township come with loan paperwork in the form of a contract. We draw this up for you in order to give you a written document that covers your loan information. We have created our contracts following the guidelines set forth by the officials in our government who create the regulations for our industry. We adhere to

Usually a ‘clean’ title means the car has not been crashed, totaled or in an accident but can have previous owners and does not have any claims or loans to it. If you buy a car from the original owner you have hit the jackpot. According to the Merriam Webster Dictionary, a lien is “... a legal claim that someone or something has on the property of another person until a debt has been paid back.” So basically if you buy a car with a lien title you will not know if the car has been paid off or not. Lastly, a salvage title is definitely not worth it if you not a businessperson. There are people who buy salvage cars and repair them to the best possible and make a profit from them. Then there are people like me, who do not make a living from repairing cars, which is why we do not gain anything and should not buy a salvage car. Salvaged titles are given to cars that have been in grave accidents and totaled. Like the windshield and rear can be gone and business people would buy it if they can make a flip from it. To see if you are getting a good deal, you should check on Kelley’s Blue Book, a reliable source for car buyers. To know more about the cars history, ask for the car

work, sudden illness or accident, job relocation (company moved out of the country), or company closed, some creditors or loan officers may be able to work on your behalf to get you back into home ownership. There are current homeowners that may have had their house on the market longer than they would have wanted and they may offer to finance the amount of the loan for a potential serious buyer.

Banks now offer programs to help homeowners/homebuyers, but many times, these loans are often hard to obtain. The current programs have more stringent requirements that are unreasonable for distressed homeowners. In my opinion, the only way to rectify the foreclosure issue is to make a substantial change in how potential homebuyers and homeowners obtain loans.

You should also note that there are two types of Title insurance. One for the real estate owner (that’s you) and one for the mortgage lender. The mortgage lender would most of the time ask you to purchase a title insurance if you are qualified for a mortgage loan so that he, in turn, is protected just in case, for instance, you file for