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Legal Interpretation of Mortgage Documents
August 2nd, 2007 categories: Buyer Info, Charlotte Area News, NC Mortgage News, Off-the-Wall, Real Estate Investing, Real Estate News, Seller Info
One of the “fun” things you get to do when purchasing a home is go to an attorney’s office (or whoever is handling the transaction) and sign lots and lots of documents.
Possibly the most intimidating document in this huge stack of papers is the very thick mortgage paperwork. Banks have all sorts of stuff included in the collection of papers that basically puts a person in debt for a number of years.
No matter if it is your first home or your tenth, there is an unnerving feeling of signing page after page and yet not reading a single page. Well…. I have just been told the secret to understanding this huge stack of former trees…
An attorney told me just last week that he conducted a closing for a young couple buying their first house. They were buying their home from a person the lawyer described as “…much older, sorta cantankerous, and quite out-spoken gentleman…” They were understandably nervous when the attorney whips out that mortgage stack. They are eyeing this stack with apprehension….
At this point the seller leans across the table and says to the young husband “…son, let me tell you something about mortgages. You pay your payments on time and there is nothing in those papers that will hurt you. You don’t make your payment? then there is nothing in that stack that is gonna help you…”
HA!….is that brilliant or what? I have never heard that part of the home buying process summed up sooooo perfectly…!!
August 7th, 2007 at 10:21 am
Good finish. Another good reply to payment or no payment mentioned at the table that entertains first time home buyers is “you pay you stay, you don’t you won’t”
August 21st, 2007 at 1:38 am
He spoke the truth. I think I am going to save the old man’s advice and post it.
August 30th, 2007 at 12:22 am
And buyers, make sure you check your Good Faith Statement against your HUD-1 Settlement Statement.
December 12th, 2007 at 9:09 am
may i add your entry for my blog???? thx for your sharing
December 13th, 2007 at 8:47 am
Hey Kenny,
yes….I’d be honored.
thanks…Brian