Promissory Notes - Hud: Fill & Download for Free

Have you received the Release of the Trust Deed? Have you received the original Promissory Note marked as paid? Has the Release of the TD been recorded? If the answer is yes to all of the above, your escrow account was likely exhausted. Given you've received notice from the County regarding unpaid taxes a question rises as to the homeowners insurance. Was this also paid through the escrow account?I echo the sentiments expressed by Sean OToole, congratulations! And you need to request an accounting. Be sure to send it to the mortgage servicer's legal or customer service address, not to the address to where you sent your payments. Keep your focus with the letter on the single issue of a complete accounting of your payments and how they were distributed. HUD RESPA Sample Written Complaint to Lender Letter.If this doesn't resolve your issue, consult with a real estate attorney.

You didn’t create money. By signing the contract (promissory note) and some collateral agreements (deed of trust and other related documents), you are exchanging your promise to pay for the money. It’s an even swap: you take on a liability (the promissory note) and the bank gets an asset—the promissory note. Your net worth, and that of the bank, has not changed. You get title to the property in exchange for some cash as a down payment plus the loan proceeds. (Note: your net worth actually has gone down with the purchase, in the amount of the closing costs, but I’m trying to keep this example simple)In the most cases, the bank got the money it gave you from a specialized line of credit called a warehouse line. That creates a liability on its balance sheet, which is offset by the cash it received. Its net worth is still unchanged.After funding and closing your loan, the bank takes the evidence of your debt and the security documents (deed of trust) and sells it to the investor, like Fannie Mae, Freddie Mac or Ginnie Mae. They pay cash for the loan—more than the face amount. They’ll get their desired rate of return over a period of years, as you make your mortgage payments.NOW the bank’s net worth has increased—when they sell the loan. This is the basic business model of mortgage banking: originate the loan, underwrite the loan, fund the loan with borrowed money, sell the loan for a small profit. Lather, rinse, repeat.The investors will pool these purchased mortgages into a type of bond called a Mortgage Backed Security. These are bought and sold on Wall Street just like any other kind of bond. Lenders set their rates based on the current market price of the bond, which fluctuates according to market activity every day.Fannie Mae and Freddie Mac are “Government Sponsored Enterprises” (GSEs). They are private corporations—sorta, because they are presently under government conservatorship in the wake of the 2008 crisis—but there is an implied, de facto guarantee that the government will stand behind the bonds.Ginnie Mae has the same function as the GSEs, but it is a government agency under the Department of Housing and Urban Development (HUD). It purchases FHA and VA loans only.Fannie and Freddie presently own 60% of all mortgage loans in the U.S. Ginnie Mae owns about one in six.It’s important for consumers to have at least a cursory understanding of the mechanism of the mortgage market, especially when it comes to mortgage rates. Because every lender sells its loans to the investor for the same price on any given day, there is very little true difference in rate from one lender to the next. The profit available when a lender sells its loan is limited—and it’s not exactly sky-high. A lender may quote a rate that seems incredible, but when you get to the fine print (or the digitally accelerated audio disclaimer on radio ads), you’ll learn that there are some additional fees involved, or that the loan they’re promoting is not quite what you might assume.The mortgage process is in general quite simple; it is not magic, where anything is created out of thin air.I hope this is helpful.

How do I negotiate a mortgage rate reduction after bankruptcy?The only way for a mortgage renegotiation is via a loan modification. To begin a loan modification, see a HUD Certified Housing Counselor before you do anything else. To find such search the Department of Housing and Urban Development.From a practical standpoint you need to refinance. To refinance following a Chapter 7 bankruptcy, you need to wait 2 years from the date of discharge for a FHA, VA or USDA (rural) mortgage. For a conventional-conforming mortgage, 4 years from the discharge of a Chapter 7 must occur unless in either case you can document extenuating circumstances.In the event you can demonstrate and document extenuating circumstances, you still have a mandatory 1 year time out with FHA, VA or USDA mortgages and 3 years for a conventional-conforming mortgage.Neither the lender or servicer have any incentive to renegotiate your Promissory Note or Trust Deed. In fact, they may not have the authority, depending on the servicing contract in the event it is securitized (was sold into the secondary market - Fannie Mae, Freddie Mac or possibly Ginnie Mae).If you are referencing a Chapter 13 bankruptcy (3–5 year payment plan to the bankruptcy trustee), the rules are different. Given you did not mention Chapter 13, I am making the assumption you are referencing a Chapter 7.