[Pes-liste] NUMBER ONE Success System

Tommy Lee noss1233 at gmail.com
Wed Aug 22 06:07:26 EDT 2007


*Mortgage insurance* is an insurance policy designed to protect the
mortgagee (lender) from any default by the mortgagor (borrower). It is used
commonly in loans with a loan-to-value ratio over 80%, and employed in the
event of foreclosure and repossession.

This policy is typically paid for by the borrower as a component to final
nominal (note) rate, or in one lump sum up front, or as a separate and
itemized component of monthly mortgage payment. In the last case, mortgage
insurance can be dropped when the lender informs the borrower, or its
subsequent assigns, that the property has appreciated, the loan has been
paid down, or any combination of both to relegate the loan-to-value under

In the event of repossession, banks, investors, etc. must resort to selling
the property to recoup their original investment (the money lent), and are
able to dispose of hard assets (such as real estate) more quickly by
reductions in price. Therefore, the mortgage insurance acts as a hedge
should the repossessing authority recover less than full and fair market
value for any hard asset.

In addition to managing income and expense related activity, property
managers may also manage construction, development, repair and maintenance
on a property. The direction / choreography of repair/maintenance is quite a
large part of a property manager's function. Property manager relations with
Tenants gives a face to the Landlord and provides them the necessary buffer
servicing their desire to profit and distance themselves from their tenant

There are many facets to this profession, including participating in and/or
initiating litigation with tenants, contractors and insurance agencies.
Litigation alone is at times considered an entirely separate function, set
aside for trained attorneys. Although a person or persons will be
responsible for this in their job description, there may or may not be an
attorney working under a property manager. Special attention is given to
Landlord/Tenant law and most commonly evictions, non-payment, harassment,
reduction of pre-arranged services, and public nuisance are legal subjects
that gain the most amount of attention from property managers. Therefore, it
is a necessity that a property manager be current with new laws and
practices in their given localities, cities and states.

Property management, like facility management, is increasingly facilitated
by computer-aided facility management software.
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