National Mortgage Settlement Explained

DEFINITION NATIONAL SETTLEMENT: The agreement settles state and federal investigations finding that the country’s five largest loan servicers routinely signed foreclosure related documents outside the presence of a notary public and without really knowing whether the facts they contained were correct. Both of these practices violate the law. The country’s five largest loan servicers: Ally/GMAC [...]

2018-05-23T20:22:19+00:00 By |

Somersett Private Transfer Fee Obligation (PTFO) Explained

FHFA defines a Private Transfer Fee as any fee or payment required at time of sale of a property by a deed or covenant restriction. In English: A Private Transfer Fee Obligation is an encumbrance on real property, created by a declaration, covenant, or any contractual agreement that requires the payment of a transfer fee [...]

2012-08-02T09:42:41+00:00 By |

What is a Private Transfer Fee Obligation (PTFO)?

FHFA defines a Private Transfer Fee as any fee or payment required at time of sale of a property by a deed or covenant restriction. In English: A Private Transfer Fee Obligation is an encumbrance on real property, created by a declaration, covenant, or any contractual agreement that requires the payment of a transfer fee [...]

2012-08-01T09:31:37+00:00 By |
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