Todd Porteous - Coldwell Banker

Monterey Peninsula real estate

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Taxes on Mortgage Foreclosures

Depending on how much a borrower owes on his mortgage loan and the current home values in his area, his mortgage lender may be unable to recover the full mortgage debt from the sale of the property. The borrower still owes any portion of the original mortgage loan not repaid through the property sale. This is known as a “mortgage deficiency.” read more

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Help Understanding Mortgage Contracts

Establishing equity through homeownership is important to financial planning. The mortgage contract is an integral component of this process, as most people lack the resources for outright cash purchases. The mortgage contract specifies repayment terms as well as escrow account provisions. Mortgage companies manage escrow accounts on your behalf, from which they make critical payments for property taxes and mortgage and homeowner’s insurance. Familiarize yourself with these mortgage contract provisions and you will be a more informed consumer. read more