http://www.noss123.com/ *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 80%. 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 constituency. 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. -------------- next part -------------- An HTML attachment was scrubbed... URL: http://bioinformatics.org/pipermail/pes-liste/attachments/20070822/4c68f791/attachment.html