Second mortgage or home equities do show, when recorded and this is the issue. I used to work for a title company for a major lender and issues do arise. Some lenders send the home equity to be recorded themselves, lenders don?t know all the variables that go into a recording, they miscaculate fees, don?t know about cover pages, maybe there?s a dual tax id and it costs more, some states only accept single sided mortgages. Maybe the county rejects the mortgage as the font is too small, the notary stamp bled through the paper, or there is no stamp or seal at all. If it?s rejected, the county sends it back to the lender, who most times thinks the mortgage is recorded until the borrower goes to refinance and the he is not on record so it takes them 6-8 weeks to go to their vault where they hold everything to either figure out the mortgage was not recorded or they don?t have it at all.
I don?t know why people like home equities, for some it?s a status thing?..I have a 500k home equity?..some need money quick and dont understand the full economic process and think home equities are a good deal because the rate is low. Like any other mortgage product, home equities have their usefullness, but it?s not for everyone or every situation
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