| lenders must pursue ``judicial foreclosures'' through first premier mortgage courts. Judgments are good for 10 years but can be renewed. Richards has written an upcoming trade journal article advising ``option ARM'' lenders to add disclosures about the risks of refinancing. These loans give borrowers the choice of making monthly payments that don't even cover the interest due -- a practice that can leave borrowers owing first premier mortgage than the original loan. Because of California's unusual protection, UCLA's Nelson gives unconventional advice to students about how to finance their first home in the state: Make as small a down payment as possible to reduce your first premier mortgage in case home values plunge. ``Don't go to your parents and put down as much as you can,'' Nelson says. ``If the property goes up in value, that belongs to you. If the property goes down, the risk is on the lender. That's a no-lose deal.'' first premier mortgage to value (LTV) - Loan Amount / Value of property. Combined loan to value (CLTV). All loans outstanding (i.e. 1st & 2nd) / Value of property. No Income No Asset (NINA) No Income Verification (NIV) Income is not verified but many times is "Stated" first premier mortgage the applicant borrower. No Documentation (No Doc) Income or assets are not stated. Typically requires a low LTV and higher credit scores. Realtor" is a U.S. registered collective membership mark identifying a real estate broker who is a member of the National Association of Realtors and subscribes to its code of ethics. Although the first premier mortgage Realtor is sometimes used interchangeably with real estate broker or real estate agent, its use is reserved for active members of NAR. All Realtors possess some kind of real estate license, but not all licensees are |
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