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1 CITE THIS READING MATERIAL AS: Realty Publications, Inc. Real Estate Finance Eighth Edition
2 Table of Contents i Table of Forms...v Glossary Quizzes Table of Contents Chapter 1 Chapter 2 Wellenkamp to Garn and beyond Lenders vs. owners in the recent past... 1 Consumer mortgage re-regulation Two sets of laws control consumer financing The Borrower- Lender Relationship Chapter 3 Chapter 4 Chapter 5 Chapter 6 Chapter 7 Chapter 8 Chapter 9 Chapter 10 Chapter 11 The promissory note Evidence of the debt Basic provisions in trust deed notes Minimum elements for a note to be enforceable Special provisions for a note Beyond fundamental debt obligations...61 Adjustable rate mortgages The birth of the ARM Modifying the mortgage note Modifying provisions in a note Prepayment penalties The privilege of becoming debt-free when able Mortgage lock-in clauses Restraints on rights of alienation Late charges and grace periods Elements for a delinquency Balloon payments risks and notices Notes containing a balloon payment Notes and Their Provisions Chapter 12 Chapter 13 Chapter 14 Trust deed characteristics A security device, a lien and a mortgage The trust deed as a contact The limits on mortgage holder enforcement Impound accounts: funds for taxes and insurance Tax and insurance reserves The Trust Deed
3 ii Real Estate Finance, Eighth Edition Chapter 15 Chapter 16 Chapter 17 Chapter 18 Chapter 19 Chapter 20 Chapter 21 Chapter 22 Assignment of rents provisions The mortgage holder s collection of rent on a default Beneficiary statements and payoff demands The amount and terms of the mortgage debt Grant deed as a mortgage Risks in alternative security devices Equity purchase: sale-leaseback, no option The home-in-foreclosure sales scheme Due-on-sale regulations Rising rates bring lender interference Assumptions: formal and subject-to The buyer takes over the seller s mortgage FHA and VA mortgage assumptions Avoiding fees and investor prohibitions Personal property as security Additional collateral and financing statements Carryback Financing Chapter 23 Chapter 24 Chapter 25 Chapter 26 Chapter 27 Chapter 28 Chapter 29 Chapter 30 Chapter 31 Carryback financing overview Carryback financing supports the price The carryback purchase agreement Negotiating the terms for seller financing No down payment carryback sales Minimizing the risks of default Due-on waiver and junior financing Prior planning prevents a mortgage holder s interference Disclosure on seller carrybacks Advice by agents for risk assessment Carryback foreclosure and resale costs Protecting the seller begins with advice Buyer s creditworthiness: seller s further approval A seller carries back based on documentation Working the AITD Flexible financing via the seller Alternative security devices for sellers Creative financing vs. creative chaos...363
4 Table of Contents iii Chapter 32 Chapter 33 Chapter 34 Chapter 35 Chapter 36 Chapter 37 Chapter 38 Chapter 39 Conventional financing The conventional mortgage The Uniform Residential Loan Application Fundamentals of the Uniform Residential Loan Application A lender s oral promises as commitments No responsibility for oral or conditional promises Mortgage fees regulated, disclosed RESPA origins and general purpose The FHA-insured consumer mortgage Enabling tenants to become homeowners Private mortgage insurance Risk reduction for the mortgage lender Usury and the non-exempt lender Broker-made or -arranged mortgages avoids usury Usury and the carryback note Modified, assigned and unconscionable rates Lenders Chapter 40 Chapter 41 Anti-deficiency: past, present and future The trade-off: real estate as security Converting nonrecourse debt to recourse debt Eliminating or substituting the security Recourse and Nonrecourse Loans Chapter 42 Chapter 43 Chapter 44 Chapter 45 Chapter 46 Chapter 47 Reinstatement and redemption periods during foreclosure Nullifying the call Judicial foreclosure Deficient property value and recourse debt The nonjudicial foreclosure process Power-of-sale provision Requests for notices of delinquency and default Risk mitigation by prior planning Accepting partial payments after a default The mortgage holder may continue to foreclose A deed-in-lieu of foreclosure Reducing the risk of loss Default and Foreclosure
5 iv Real Estate Finance, Eighth Edition Chapter 48 Trustee s or attorney fees, not both The three-stage foreclosure period Tax Aspects of Financing Chapter 49 Chapter 50 Chapter 51 Chapter 52 Chapter 53 Deduction of mortgage points Homeowner s prepaid interest accrual exception Home mortgage interest deductions Two residences, two deductions Seller financing diminishes tax impact Installment sale defers profit reporting Interest reporting on a carryback note Charge or impute at the note s own AFR Checklist for packaging a consumer- or businesspurpose mortgage Documentation, disclosures and mortgage packaging activities...595
6 Table of Forms v No. Form Name Page 103 Buyer s Listing Agreement Exclusive Right to Buy, Lease or Option Agreement to Subordinate Financial Disclosure Statement Credit Application Foreclosure Cost Sheet Individual Tax Analysis (INTAX) Deed-in-Lieu of Foreclosure Further Encumbrance Consent Request for Notice of Default and Notice of Delinquency Beneficiary Statement Late Payment Provisions Addendum to Promissory Note Prepayment of Principal Provisions Penalties and Discounts Final/Balloon Due Date Provisions Right of First Refusal to Buy Note Note Enforcement Provisions Notice of Balloon Payment Due Note Secured by Deed of Trust Interest Included , Note Secured by Deed of Trust Interest Extra , Promissory Note Unsecured Modification of the Promissory Note Shared Appreciation Note Contingent Interest Extra Assumption Agreement Unsecured and Subrogated Security Agreement For Note Secured by Personal Property UCC-1 Financing Statement Trust Deed and Assignment of Rents Impound Addendum Taxes and Insurance Demand on Owner to Pay Rent to Lender Demand on Tenant to Pay Rent to Party Other than Landlord Table of Forms Full Forms
7 vi Real Estate Finance, Eighth Edition Partial Forms 150 Purchase Agreement (One-to-Four Residential Units Conventional and Carryback Financing) , Lease-Option Contract for Deed Land Sales Contract All-Inclusive with Power of Sale Uniform Residential Loan Application (FNMA 1003) Loan Estimate Financial Disclosure Statement For Entering into a Land Sales Contract Financial Disclosure Statement For Entering into a Lease-Option Sale Tracking the Loan Origination Process Addendum Late Payment Provisions Addendum to Promissory Note Prepayment of Principal Provisions Penalties and Discounts , Note Enforcement Provisions Trust Deed and Assignment of Rents , 183, Notice of Default With Substitution of Trustee Notice of Trustee s Sale
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