Image via WikipediaWHEN A NOTE IS TOO OLD TO COLLECT
The statute of limitations on a demand note begins to run on the date the note is due. Point: If the limitation period runs out under local law, the holder of the note cannot collect. Example: A note was payable 30 days after demand for payment was made on or after September 20, 1967. The statute of limitations provided for by local law was six years so the holder of the note could not collect on it in 1974.
LOW- INTEREST LOANS FOR HOMEOWNERS
Homeowners with Federal National Mortgage Association mortgages may be able to obtain considerable amounts of cash by trading in their mortgages. How it works: They receive a new mortgage worth up to 90 % of the home’s current market value, at a rate almost always well below prevailing rates. Those whose homes have appreciated stand to receive significant amounts. To determine eligibility: Check with the mortgage holder. Source: Credit News .
LATE MORTGAGE PAYMENTS
As long as you pay a mortgage payment within 15 days of the due date; it’s unlikely that the bank will complain. Even bankers admit to juggling their finances this way, with no harm to their credit rating.
Custom Search
