Bankruptcy mortgage rules

Mortgage Electronic Registration Systems, Inc. (MERS) is an American privately held corporation.
MERS is a separate and distinct corporation that serves as a nominee on mortgages after the turn of the century and is owned by holding company MERSCORP Holdings, Inc., which owns and operates an electronic registry known as the MERS system, which is designed to track servicing rights and ownership of mortgages in the United States.
According to the Department of the Treasury, the Board of Governors of the Federal Reserve, The Federal Deposit Insurance Corporation and the Federal Housing Finance Agency, MERS is an agent for lenders without any reference to MERS as a principal.
On October 5, 2018, Intercontinental Exchange and MERS announced that ICE had acquired all of MERS.

Mortgage insurance is an insurance policy which compensates lenders or investors in mortgage-backed securities for losses due to the default of a mortgage loan.
Mortgage insurance can be either public or private depending upon the insurer.
The policy is also known as a mortgage indemnity guarantee (MIG), particularly in the UK.

A reverse mortgage is a mortgage loan, usually secured by a residential property, that enables the borrower to access the unencumbered value of the property.
The loans are typically promoted to older homeowners and typically do not require monthly mortgage payments.
Borrowers are still responsible for property taxes or homeowner's insurance.
Reverse mortgages allow older people to immediately access the home equity they have built up in their homes, and defer payment of the loan until they die, sell, or move out of the home.
Because there are no required mortgage payments on a reverse mortgage, the interest is added to the loan balance each month.
The rising loan balance can eventually grow to exceed the value of the home, particularly in times of declining home values or if the borrower continues to live in the home for many years.
However, the borrower is generally not required to repay any additional loan balance in excess of the value of the home.

Second mortgages, commonly referred to as junior liens, are loans secured by a property in addition to the primary mortgage.
Depending on the time at which the second mortgage is originated, the loan can be structured as either a standalone second mortgage or piggyback second mortgage.
Whilst a standalone second mortgage is opened subsequent to the primary loan, those with a piggyback loan structure are originated simultaneously with the primary mortgage.
With regard to the method in which funds are withdrawn, second mortgages can be arranged as home equity loans or home equity lines of credit.
Home equity loans are granted for the full amount at the time of loan origination in contrast to home equity lines of credit which permit the homeowner access to a predetermined amount which is repaid during the repayment period.

Mortgage Electronic Registration Systems, Inc. (MERS) is an American privately held corporation.
MERS is a separate and distinct corporation that serves as a nominee on mortgages after the turn of the century and is owned by holding company MERSCORP Holdings, Inc., which owns and operates an electronic registry known as the MERS system, which is designed to track servicing rights and ownership of mortgages in the United States.
According to the Department of the Treasury, the Board of Governors of the Federal Reserve, The Federal Deposit Insurance Corporation and the Federal Housing Finance Agency, MERS is an agent for lenders without any reference to MERS as a principal.
On October 5, 2018, Intercontinental Exchange and MERS announced that ICE had acquired all of MERS.

Mortgage insurance is an insurance policy which compensates lenders or investors in mortgage-backed securities for losses due to the default of a mortgage loan.
Mortgage insurance can be either public or private depending upon the insurer.
The policy is also known as a mortgage indemnity guarantee (MIG), particularly in the UK.

A reverse mortgage is a mortgage loan, usually secured by a residential property, that enables the borrower to access the unencumbered value of the property.
The loans are typically promoted to older homeowners and typically do not require monthly mortgage payments.
Borrowers are still responsible for property taxes or homeowner's insurance.
Reverse mortgages allow older people to immediately access the home equity they have built up in their homes, and defer payment of the loan until they die, sell, or move out of the home.
Because there are no required mortgage payments on a reverse mortgage, the interest is added to the loan balance each month.
The rising loan balance can eventually grow to exceed the value of the home, particularly in times of declining home values or if the borrower continues to live in the home for many years.
However, the borrower is generally not required to repay any additional loan balance in excess of the value of the home.

Second mortgages, commonly referred to as junior liens, are loans secured by a property in addition to the primary mortgage.
Depending on the time at which the second mortgage is originated, the loan can be structured as either a standalone second mortgage or piggyback second mortgage.
Whilst a standalone second mortgage is opened subsequent to the primary loan, those with a piggyback loan structure are originated simultaneously with the primary mortgage.
With regard to the method in which funds are withdrawn, second mortgages can be arranged as home equity loans or home equity lines of credit.
Home equity loans are granted for the full amount at the time of loan origination in contrast to home equity lines of credit which permit the homeowner access to a predetermined amount which is repaid during the repayment period.